CBRE has completed the sale of a 101,006-square-foot office building located at 4809 E. Thistle Landing in Phoenix. The property commanded a sale price of $16.75 million.
Jim Fijan and Will Mast with CBRE’s Phoenix office negotiated the sale. The buyer was Menlo Equities. The seller was a joint venture between Everest Holdings and Walton Street Capital.
“Thistle Landing is a smart investment for Menlo providing them ownership in a quality office building in a well-established corporate environment,” said CBRE’s Fijan. “The long-term, triple-net nature of the tenants’ leases yields a very stable return on investment going forward.”
According to CBRE Research, the metropolitan Phoenix office market has already seen more than $750 million in investment property sales through April of this year and real estate experts expect that level of activity only to increase.
“We’ve already seen significant sale activity this year and many of those sales have been characterized by triple-net lease tenancy,” continued Fijan. “Triple-net leased office properties are a very highly sought after asset class by investors, especially if they are heavily parked in high employment areas of the Valley.”
The property at 4809 E. Thistle Landing is part of the four-building Thistle Landing Office Park. The building is fully leased to two tenants – United Healthcare and Box Office Executive Suites – with long-term, triple-net leases.
A major employment hub in the South Tempe / Ahwatukee office submarket, Thistle Landing houses more than 500 United Healthcare employees. Built in 1999, Thistle Landing benefits from access to numerous amenities, including executive housing and the high-end retail of the Ahwatukee Foothills. The property is also located near several well-known restaurants, hotels and resorts.