Houston-based Boxer Property announced today its acquisition of 3101 N. Central Avenue in Midtown on behalf of a third party client. Also known as the CBIZ Plaza, the property totals 248,863 square feet of Class A office space across 16 floors and includes an adjoining 2-story garden office/retail building and a six story parking garage.
Having taken over leasing and management duties for LNR Partners in 2015, Boxer implemented their signature, amenity-rich Workstyle executive suites to bring energy and style to the building lobby, which were completed last year. The suites, totaling 6,084 square feet, are part of a nationwide initiative by Boxer Property to cater to the growing number of entrepreneurs, startups and small businesses popping up in and around major cities, especially Midtown and Downtown Phoenix.
The project, totaling approximately $212,000, added 18 offices that offer freelancers, entrepreneurs and startups the opportunity to lease Phoenix office space at a fraction of the price of traditional office space.
Boxer plans to continue to improve the property with exterior tenant space in the breezeway and is in conversations with restaurant and retail operators to bring tenant amenities to the ground floor.
Stephen Kradjian is the asset manager for the owner and in charge of Boxer’s Third Party Services. “We were quickly able to add value to the building for LNR which allowed them to achieve a significantly higher price on the property than the previous two marketing efforts. With new ownership and an injection of capital we will be able to add value to the property and respond quickly to the brokerage community.”
Built in 1980, a key advantage of CBIZ Plaza is its prime location within Phoenix’s Central Corridor along the Valley Metro Light Rail. The building offers convenient access to Downtown Phoenix and major freeways including I-10 and I-17. The office complex is also located near the Sky Harbor International Airport, which is a 15 minute drive away. The Central Corridor has seen a resurgence in recent years with new restaurants, multifamily development and increased office demand.
Brad Nichol, director of acquisitions, managed the deal on behalf of Boxer Property which was purchased through the Ten-X auction platform from the seller, LNR Partners, LLC. “We have been quite successful buying REO properties and welcome the challenge of turning around foreclosed properties.”