March 19, 2015
Fenway Properties purchases former bank and data center for $1.33M
Newmark Grubb Knight Frank (NGKF), global full-service commercial real estate advisor, announced the sale of 3615 North 27th Avenue in Phoenix, AZ to Fenway Properties. The real estate investment company purchased the two-building, 120,000-square-foot property from Litmath LLC for $1,330,000, or $11.00 per square foot. San Diego-based Fenway Properties is an active area property owner with a significant Class A portfolio, including Grand Central Tower, Paragon Plaza, Paradise Valley Plaza and Valley Commerce Center. Tricia Gumulka, associate director, and Erik Marsh, managing director, both from NGKF, handled the transaction, negotiating a basis in the property in which the Buyer is able to greatly enhance the value of the asset.
Comprising two buildings, a former data center and a former bank vault, 3615 North 27th Avenue’s potential went unrealized while the market recovered from the last downturn. “The 100,000-square-foot data center building is heavily powered with four megawatts of power, yet a call center would be outdated,” commented Gumulka. “We have an opportunity in today’s market to repurpose the project to another use, and I’m very excited to hear what Fenway Properties proposes.” Fenway Properties has not yet announced plans for the property, which includes an approximately 6.15-acre lot, and offers visibility to, and easy access from, Interstate 17.