Spurred by strong confidence in the Phoenix office market, the Phoenix office of JLL, on behalf of property buyer G2 Capital, has completed the $10.9 million acquisition of 3925 – 3945 E. Broadway Road in Phoenix. The acquisition completed only 30 days after Glasir Capital Partners purchased the property from RBR Capital.
Totaling 136,000 square feet, 3925 – 3945 E. Broadway consists of two, two-story office buildings at the intersection of 40th Street and Broadway Road, just west of Cotton Center. The 3945 building is fully leased to a long-term credit tenant that has been in place since 2001. The 3925 building is 50 percent leased to the State of Arizona, which has been a tenant since 2016.
“G2 Capital is an active, boots-on-the-ground investor in Phoenix. They see the value of this location and the opportunity to capitalize on the remaining vacancy at the building,” said JLL Senior Vice President Brian Ackerman, who represented G2 Capital in the property purchase. “That includes fully renovating the second floor of the 3925 building into an open office concept.”
“We plan to renovate a 37,000-square-foot speculative suite to be move-in-ready by January,” said G2 Capital Managing Director James Greaves. “When complete, it will provide a rare block of modern, contiguous office space in the center of metro Phoenix, at a time of historically high tenant demand.”
G2 has awarded the property leasing assignment to JLL Managing Directors Karsten Peterson, Dave Seeger and Mark Gustin.
The Broadway Road property is one block from I-10, providing easy access to the Loop 101, Loop 202 and State Route 51. It is also five minutes from Sky Harbor International Airport, Arizona State University and downtown Tempe. The buildings offer a high 7/1,000 parking ratio and sit directly across the street from the Cotton Center master-planned business park, which has attracted some of the largest tenants in the country.