NOW FULLY FUNDED- ROOSEVELT BUSINESS PARK – PHOENIX MULTI TENANT INDUSTRIAL
Seventy5 Business Park Phoenix, LLC (RBP) Formerly Roosevelt-During escrow and since closing, we have been successful in securing new tenants and renewing existing tenants at rental rates 10% to 20% over proforma rates while not spending any tenant improvement dollars. Occupancy has increased by 10% overall. We’ve also renamed the property Seventy5 Business Park (given its proximity to the 75th Avenue on/off ramp of Interstate 10), repainted the project, secured a 30-year lease for a new dual-sided billboard and are finalizing plans for the construction of a 48’ freeway pylon sign and two property-identifying monuments signs facing Roosevelt Street.
Roosevelt Business Park Phoenix, LLC (RBP) is comprised of a four (4) building, multi-tenant industrial project in the southwest submarket of Phoenix, Arizona. We purchased this freeway adjacent, low-finish business park with in-place rents that were more than 30% below current market levels and with over 30% of the property that remained to be leased. The vacancy rate within the direct competitive set for similar size industrial units is less than 10% in a supply constrained market.
Our purchase price was $14,900,000 or $67 per square foot, which is approximately 50% of replacement cost and 61% of the prior owner’s basis (they paid $24,250,000 or $109 per square foot for the park back in February 2007).
LIMITED EQUITY INVESTMENTS STILL AVAILABLE PLEASE CONTACT OUR OFFICE FOR MORE INFORMATION