| Acquisition Date: |
April 2003 |
| Project Size: |
132,000 square feet |
| Acquisition Cost: |
$19.2 million |
Acquisition Cost
per SF: |
$145 |
| Major Tenants: |
Chubb Insurance |
| Date Sold: |
May 2006 |
| Buyer: |
Oppenheim |
| Sales Price: |
$29 million |
| Sales Price per SF: |
$220 |
| Investor IRR: |
44% |
Deal Highlights:
This newly completed Class A office building is located in the fast growing Deer Valley submarket in North Phoenix. Mainstreet purchased the property in an off-market transaction facilitated by its relationship with the seller. The purchase price represented a leveraged yield of 20% based on the 80% credit tenancy at the time of purchase. Through active management, Mainstreet was able to lease the balance of the facility and sell the property.
|
|
