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EverWest Sells Phoenix Asset for $33M
Admiral Capital Group, an investment firm founded by former NBA player David Robinson, acquired The Madison, a 177,312-square-foot Class A office property in Phoenix’s Camelback Corridor. The roughly 90%-occupied asset was divested by a joint venture of Denver-based EverWest Real Estate Investors and CenterSquare Investment Management for $33.1 million.
Built in late 1986 and 1990 with a renovation completed in 2017, the property is located on 2.88 acres at 5343 and 5353 N. 16th St. The asset includes two four-story office buildings and subterranean parking.
NKF’s Paul Jones, Kevin Shannon, Rick Stumm, Ken White, Brunson Howard and CJ Osbrink represented the seller. The buyer was self-represented.
Osbrink says, “Located in one of the hottest submarkets in the Phoenix MSA, over $4 million of recent capital improvements, committed tenancy, and excellent access, The Madison was incredibly appealing to investors that saw a stabilized institutional quality investment with attractive embedded value.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition