Overview
Newmark, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in 3800 Tower, located at 3800 North Central Avenue, Phoenix AZ (the "Property"). This 16-story, mixed-use property features approximately 194,733 rentable square feet and offers an Impressive array of amenities. Currently 78% occupied, it maintains a weighted average lease term of four years. The building is home to a diverse roster of high-quality tenants, including those in financial services, legal, government, insurance, precious metals, third-party logistics, and other industries. 3800 Tower is part of the City Square master-planned mixed-use development and offers extensive on-site amenities, including childcare, banking, salon, yoga, fitness center with lockers and showers, a 50-person training and conferencing facility, structured parking, City Square Cafe & Grill, Flrecreek Coffee, retail services, and an upgraded open-air central plaza with shade sails and Flrecreek Coffee. The property also benefits from its adjacency to a 156-room DoubleTree by Hilton hotel.
Investment Highlights
- Strong in-place yield
- Consistent cash flow via ±4-year WALT
- Additional upside through lease-up of the remaining vacant space
- Recent capital improvements made to the HVAC, LED lighting upgrades, common area lobby enhancements, and other aesthetic improvements
- Class A mixed-use business park setting with numerous on-site amenities
- Attractive basis at 85% below replacement cost
- Supply-constrained submarket with rental appreciation and positive net absorption YTD
- Midtown's value proposition fuels tenant demand - As many occupiers ease the significant increases to rental rates in the adjacent Camelback Corridors and Downtown Phoenix submarkets, Midtown, moreover, 3800 Tower stands out as a cost-effective alternative that will continue to drive leasing momentum at the Property
Photo Gallery
