Cotton Center I & Greystone Business Park
Phoenix, Arizona
Advising a Gulf-based investor, Property Income Advisors, Inc. has purchased during September 2018 Cotton Center I & Greystone Business Park, a three-building portfolio of Class A office properties located in Phoenix and Tempe, Arizona. Totaling 175,969 square feet, the portfolio was acquired for a total consideration 0f $25,950,000 or $147/SF. At closing, the properties were 96% leased.
Built in 1999 & 2000, Cotton Center I and Greystone Business Park are centrally located in Phoenix’s South Airport Office submarket. The properties benefit from immediate freeway access and are a short commute to the surrounding labor markets. Phoenix Sky Harbor International Airport is only a five-minute drive from the properties. Tenants within the portfolio include Siemens, LogistiCare, Aetna, Schenker and IES Commercial which are all under NNN leases.
This investment will provide very strong current income and provide the opportunity for an above-average capital gain as the lease expirations are addressed over the holding period. The price per square foot is well-below replacement cost and this low basis will help to limit downside market risk.
Responsibilities: Acquisition, Financing and Asset Management