JLL Capital Markets announced today that it has closed the $18.55 million sale of Broadway Business Center, a two-building office property totaling 136,998 square feet in Phoenix, Arizona.
JLL represented the seller, G2 Capital (James Greaves), and procured the buyer, a charitable foundation.
“JLL helped us put together a great plan to reposition the property and ultimately connected us with the right buyer,” said Greaves.
3925 E Broadway Rd. consists of a 75,148-square-foot building that is fully leased to The State of Arizona, Department of Child Safety and Whiterabbit. 3945 E Broadway Rd. comprises 61,850 square feet and is fully leased to The City of Phoenix. Both low-rise assets have been recently renovated and feature long term WALT. Two of the tenants have been located at the properties for a significant time.
Broadway Business Center is positioned on 10.71 acres at 3925 and 3945 E. Broadway Rd. in Southeast Phoenix. The centrally located-property is approximately six miles from Downtown Phoenix, just south of the Phoenix Sky Harbor Inernational Airport and near multiple Fortune 500 companies and blue-chip credit tenants. Additionally, Broadway Business Center has tremendous freeway access being positioned under 10 minutes from Interstate 10, Sky Harbor Expressway, Hohokam Expressway, Superstition Freeway, Red Mountain Freeway, Pima Freeway, Piestewa Freeway and the Black Canyon Freeway.
The JLL Capital Markets team representing the seller was led by Brian Ackerman and Ben Geelan.
“The buyer was attracted to the tenant mix, secured cash flow, and the central location,” said Ackerman. This was Ackerman’s second time selling the assets.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.