Mainstreet Capital Partners
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Corridors Office Building
Phoenix, AZ


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.


 
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