$77.5 Million Non-Performing Office Loan
US - Washington, DC
$77,500,000 | 306,859 sf
Jones Lang LaSalle, Inc., as exclusive advisor, is pleased to present the opportunity to acquire the fee-simple interest in 16001 North 28th Avenue (the “Property”), a vacant 107,482 square foot, institutional quality, office building. Located in the Arizona Business Park, the only master-planned business park along the I-17, the Property benefits from excellent connectivity to the greater Metro Phoenix area, convenient access to a myriad of amenities, and a rapidly growing educated labor pool in North Phoenix.
Previously leased to Farmers Insurance, 16001 North 28th Avenue provides Class A amenities with a two-story lobby, abundant glass lines on all sides of the building, generous ceiling heights, redundant power, a fitness center, and conference rooms built to attract large corporate users or rapidly growing firms with expansion potential.
With tremendous access to the entire Valley via I-17 and Loop 101 freeways, robust corporate tenant mix throughout the business park, and freeway visibility and signage, the Property presents a unique investment opportunity. 16001 North 28th Avenue is offered at a significant discount to replacement costs, with significant upside through lease-up, and drastically increasing cash flows.