Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $21.13 million sale of 1616 West 17th Street, a 111,349-square-foot, newly renovated office building that is fully leased to Home Depot U.S.A., Inc. in Tempe, Arizona.
HFF marketed the property on behalf of the seller, Tempe One Investors, LLC, and procured the buyer, Spirit Realty Capital.
1616 West 17th Street is a single-story facility serving as Home Depot’s flagship “new age” call center. Extensively renovated in 2015, the property features state-of-the-art training rooms, energy efficient LED lighting, and a full workout facility. Located proximate to Interstate 10 and State Route 143, the asset has regional access to the broader Phoenix MSA and is not far from Phoenix Sky Harbor International Airport and Arizona State University. There are more than 300,000 residents within a five-mile radius of the property, with this number estimated to grow more than eight percent through 2021.
The HFF investment sales team representing the seller was led by CJ Osbrink and Nick Foster.
“Located in one of the hottest submarkets in Phoenix, with a state-of-the-art facility and excellent access, this opportunity was incredibly appealing to investors that saw a long-term secure income stream with Home Depot,” Osbrink said. “Today more than ever we are seeing a significant push of capital into the Phoenix market.”
“We had the benefit of closing this transaction with valued HFF relationships on both the buyer and seller side,” commented Foster. “Spirit continues to be one of HFF’s strongest capital partners in the single tenant net lease arena and performed flawlessly through the sales process.”
