Mission Capital Advisors Marketing 24,500-Square-Foot Two-Building Office Property in Phoenix
Asset presents investors with opportunity to add significant value through lease-up
PHOENIX (May 31, 2018) — Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Asset Sales Group is marketing 2030 E. Osborn Road, a 24,414-square-foot two-building office complex in Phoenix. The Mission Capital team of Will Sledge, Kyle Kaminski, and Tom Karras is marketing the property on behalf of the seller, a CMBS special servicer. The property will be auctioned on the RealINSIGHT Marketplace, with the bidding window opening on June 19 and closing on June 21.
The garden-style property contains two office buildings, one of which is approximately 21,000 square feet, while the other measures approximately 3,400 square feet. The former building is vacant, while the latter recently became fully occupied by professional services firm MVM, Inc., who signed a five-year lease. Built-in 1983 and 2000, respectively, the buildings were fully occupied by an insurance agency whose lease expired in December 2017.
“With its strong location within Phoenix’s Midtown/Central office submarket, this is a very attractive property that will draw interest from established local owner-operators or buyers looking to break into the Arizona market,” said Sledge. “While the property is currently largely vacant, there are a number of potential tenants actively considering leasing a portion or the entirety of the vacant space. This offering will provide investors with the opportunity to buy a well-situated Class B office asset and add value in the short-term through rapid lease-up.”
Located in northeast central Phoenix, the property is proximate to midtown and downtown Phoenix as well as several affluent suburban areas. The asset benefits from the continued growth of the Phoenix metropolitan area, one of the fastest growing metros in the United States.
“The 21,000 square feet of availability can be easily subdivided for two or three tenants, so the buyer will have a good deal of flexibility as they lease up the space,” said Kaminski. “The property is in close proximity to both the VA Hospital and Children’s Hospital and within blocks of AZ-51, the primary highway arterial bisecting Phoenix, providing convenient access to much of the metropolitan area.”
About Mission Capital Advisors
Founded in 2002, Mission Capital Advisors, LLC is a leading national, diversified real estate capital markets solutions firm with offices in New York, Florida, Texas, California and Alabama. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across commercial and residential loan sales; debt, mezzanine and JV equity placement; and loan portfolio valuation. Since its inception, Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $65 billion of loan sale and financing transactions, as well as in excess of $14 billion of Fannie Mae and Freddie Mac transactions, positioning the firm strongly to provide unmatched loan portfolio valuation services for both commercial and residential assets. Mission Capital’s seasoned team of industry-leading professionals is committed to achieving clients’ business objectives while maintaining the highest levels of integrity and trust. For more information, visit www.missioncap.com.
About RealINSIGHT Marketplace
RealINSIGHT Marketplace is one of the nation’s leading online due diligence and auction bid platforms. RealINSIGHT provides local, regional, national, and international investors the opportunity to review and bid for loan and REO assets on an individual basis. For more information, visit marketplace.realinsight.com