Overview
Institutional Property Advisors (IPA), a division of Marcus & Millichap, is pleased to offer for sale Anthem Corporate Center (the “Asset” or “Property”) located at 3715 & 3719 W Anthem Way. Anthem Corporate Center is a two-building 64,473 SF, class A multi-tenant office project developed in 2008 and strategically located off Interstate 17 (I-17) in Anthem (Phoenix MSA), AZ.
This offering presents a tremendous investment opportunity in a premier Class A office building located in one of the Phoenix MSA’s most desirable master-planned communities. For an owner-user, the property offers an immediate chance to establish a prominent presence while benefiting from meaningful in-place income. Alternatively, the asset presents a compelling value-add strategy through the lease-up of the second floor, which is currently in grey shell condition—unlocking substantial upside potential. Future ownership is further positioned for success with the property being offered well below replacement cost, providing a strong competitive advantage in bringing the asset to full stabilization.
Investment Highlights
Excellent Owner-User Opportunity
- Prime owner-user opportunity in a Class A office within Anthem, one of the top master-planned communities in the Phoenix MSA
- High-visibility location with strong demographics and immediate access to major transportation routes
- Customizable second floor in grey shell condition allows for tailored build-out and immediate occupancy
Rare, Value-Add Office Investment Opportunity with A Very Low Basis Providing Long-Term Competitive Edge
- Strategic capital investment can produce high yields including spec buildout of suites on the second-floor space, given the tenant profile and strong occupancy of the first floor
- +/- 3.74-year WALT on the in-place occupancy of 50%, providing an investor security within the existing rent roll and immediate positive cashflow
- Replacement cost would for this asset would be over $300/SF and would require rents of $27.00/SF NNN providing Anthem Corporate Center with a long-term competitive advantage
An attractive going in basis will allow an investor to provide significant tenant improvement
Exceptional Building Features with A Timeless Design
- The Asset features a well-appointed 4.4/1,000 parking ratio and 69 covered parking spaces
- Grand lobby entrance with a water feature and easy to navigate corridors
- The building can offer above market parking allocations since different tenants have parking requirements on different days and times throughout the week
- Well-designed office building constructed in 2008 with two functional 31,000 SF floor plates in an L-shaped configuration providing ample natural light throughout the building. There is an additional single story medical office/ retail pad building with the ability to configure up to three storefronts
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