301 E Bethany Home RdPhoenix, AZ 85012
Pueblo Nuevo
Asset ClassOffice
Overview
- Two-story, three building garden-style office complex totaling ±96,100 SF.
- ±86% leased to a diverse and high-quality mix of ±33% medical/wellness and ±67% office tenants.
- Ideal combination and upside potential by building spec suites to lease the remaining ±14% vacancy.
- Rare and highly desirable Santa Fe architecture featuring ‘drive-up’ exterior loading suites, private suite entrances, expansive central courtyards, breezeways, and balcony spaces.
- Manageable average tenant size of ±2,500 SF, which increases income security and predictability due to small suites’ limited configuration options and lower tenant improvement costs.
- Over 900,000 SF has been leased in 189 transactions within a three (3)-mile radius from Pueblo Nuevo as of the end of the 3rd quarter of 2025 with an average tenant size of ±4,800 SF.
- The vacancy rate for Class B buildings in the Piestewa/North Central trade area of a similar size as Pueblo Nuevo have a vacancy rate of just 8.8%.
- Office buildings in metro Phoenix with floor plates that cater to small tenants are enjoying robust demand and a low direct vacancy rate of ±8.0%—vacancy has not reached double digits since 2017.
- Pueblo Nuevo is arguably the only significant office building that is embedded directly within the massive North Central residential trade area—a seven-square mile affluent community filled with family-oriented, decision-maker housing (with virtually no commercial space) that serves as the primary source of both the tenancy and customer base of the property.
- The complex’s ‘fly trap’ location within North Central offers coveted first-point-of-access to tenants and visitors in a trade area challenged by heavy rush hour traffic, thereby arming it with a compelling competitive advantage to its competitors mostly located along the area’s borders or in adjacent submarkets.
- Additional upscale housing and amenities lie immediately adjacent to the east in the prestigious Biltmore/Camelback Corridor and Paradise Valley trade areas.
- North Central is served by two amenity-rich urban infill hotspots situated near Camelback Road and along Central Avenue and 7th Street (‘Restaurant Row’), each packed with hip restaurants, cafes, coffee shops, and bars.
- Located two (2) miles from SR-51, Pueblo Nuevo has direct access to the entire metro Phoenix freeway network and a robust labor pool of over 2.78 million people within a 30-minute commute.
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301 E Bethany Home RdPhoenix, AZ 85012
Sales Team
Listing provided by Revere CRE