CBRE has completed the sale of a 27,711-square-foot two-story office building located at 399 South Malpais Lane in Flagstaff, Ariz. The property commanded a sale price of $7.375 million, or $266 per square foot.
This Class-A office building was built in 2014 and is situated on 1.81 acres just west of Northern Arizona University along Milton Road, Flagstaff’s major north-south commuter thoroughfare. The building is ±85 percent leased to a diverse group of office and medical tenants, including CollegeAmerica, NextCare Urgent Care and Arizona Arthritis & Rheumatology Associates PC.
Andrew K. Fosberg and Dylan A. Brown with CBRE’s Phoenix office and Jeffrey S. Pion with CBRE’s Los Angeles office represented the seller, Anthem Boise, LLC, a Nevada limited liability company.
“399 Malpais is located directly across from NAU’s main campus and offers excellent visibility along Milton Road, where over 50,000 cars pass by daily,” said CBRE’s Fosberg. “This is a high-quality asset that offers new ownership a stable income with a high credit rent roll and upside from nearly 4,000 square feet in vacancy.”
The buyer, The Shoppes at Osgood, LLC, a North Dakota limited liability company, was represented by Matt Olson of Property Resource Group.