Marcus & Millichap Real Estate Investment Services brokered the sale of a 95,558-square foot single-tenant office building in Phoenix, Arizon for $20.3 million, or $212 per square foot, a property currently leased to the U.S. Department of Veteran's Affairs. Located at 3333 North Central Ave. in Phoenix, the three-story office building sits on 4.9 acres within blocks of the VA Medical Center and St. Joseph's Hospital and Medical Center.
The buyer was an overseas investor based in the Netherlands which purchased the property in partnership with a private investor based in Oregon. Marcus & Millichap arranged acquisition financing in the amount of $15.1 million for the buyer; New York City-based CTL Capital originated the loan, which was then sold off to bond investors according to a GlobeSt.com article. "The facility was built-to-suit for the VA in 2003," said Travis Trautvetter, a senior associate with Marcus & Millichap. "The VA occupies the building on an original 20-year lease term. In addition to the strong credit of the tenant, the primary location of this property within Phoenix was a key driver of buyer interest. We received multiple offers on the property, reflecting the strong demand that exists in today's market for investment-grade assets."
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