Staff Reports | Business & Construction
Cushman & Wakefield announced that the firm represented First & Center LLC in the sale of Fairmount Place, a multitenant office property at 4001 N. Third St. in Phoenix.
Albuquerque SNF LLC acquired the property for $11.5 million. Cushman & Wakefield’s Eric Wichterman and Chris Toci represented the seller.
“Fairmount Place is highly unique in that nearly all of the ±87,030-square-foot building’s 31 office suites have recently been built out as spec suites,” Cushman & Wakefield Vice Chair Eric Wichterman said. “Following its 2019 acquisition, the seller committed to delivering spec suites in batches rather than one-off, and the building’s performance since dispels any doubt about the merits of that approach. Offering prospective tenants, a ready-made array of sizes and configurations drives a higher hit rate, rapid lease-up, and highly sustainable occupancy.”
The four-story garden office building is 92% leased and has maintained occupancy levels between 90% and 100% during the past several years, according to a press release.
“The strong performance of Fairmount Place is no surprise,” Mr. Toci said. “Boutique low-rise and mid-rise office buildings like Fairmount Place are a rarity in the Midtown submarket and are favored by the smaller tenants that make up the majority of Phoenix’s office market.”
