Darren Tappen of Voit Real Estate Services’ Phoenix office & Pete Beauchamp of Voit Real Estate Services’ Newport Beach office successfully directed the $2.775 million sale of a 31,030 square-foot office building in Avondale, on behalf of the seller, LBCMT2007-C3 OFFICE 125, LLC. The buyer, City of Avondale, will use this property for professional office tenants, including the Phoenix International Raceway, which currently occupies nearly 50 percent of the project, according to Tappen, Senior Vice President in Voit’s Phoenix office.
Located at 125 S. Avondale Boulevard in Avondale, the two-story class-B multi-tenant office building was approximately 60% leased at the time of sale. Leasing of the project was also handled by Voit’s Troy and Scott Nelson based in the Phoenix office. According to the brokers involved in the transaction, the purchase represented an ideal opportunity for the City to acquire a quality office asset adjacent to its existing facilities and at a price point significantly below replacement cost.