You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur. FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU. Call me if you want to sell your property and need an estimated value. Phone: 480-948-5554 Prefer cell: 520-975-5207 or email me walterunger@ccim.net. – What is a CCIM. –
CLICK HERE TO VIEW ALL MY 60 MIL WORTH OF LISTINGS.
By Randyl Drummer CoStar News December 1, 2020
Lincoln Property Sells DoorDash-Leased Grand2 for $187.5 Million
An adviser to a Middle Eastern investor bought Lincoln Property Co.’s Grand2 building in Arizona’s largest office sale of 2020 and one of the 10 biggest deals of the year in the Western United States.
Real estate investment management firm Apex Capital Investments Corp., based in Philadelphia, paid $187.5 million for the 358,800-square-foot, nine-story tower at 1033 W. Roosevelt Way, which was fully leased by on-demand food delivery service DoorDash soon after construction was finished last year.
Apex Capital, which acquired the tower on behalf of a separate unidentified Middle Eastern investor, did not immediately respond to a request for comment by CoStar News.
The sale is an example of how the highest-quality U.S. properties are benefiting from being viewed as relatively affordable because of favorable interest rates that encourage foreign investors to hedge currency costs.
“With hedging costs so low globally, we’re seeing Asia, the Middle East and Europe become really active on the buy side,” Kevin Shannon, co-head of U.S. capital markets for brokerage Newmark and part of the Newmark team that represented Lincoln Property in the sale, told CoStar News. “The combination of a dramatically improved debt market and low hedging costs has put the United States on sell, so we’re seeing a lot of foreign activity.”
The total selling price of Grand2 is almost three times higher than Arizona’s previous highest office sale price, the $64.5 million sale of 2160 E. Elliot Road in Tempe that is fully occupied by Northern Trust, according to CoStar.
The Grand2’s $522.50-per-square-foot price is double the average sale price for the best buildings in Tempe, one of Phoenix’s strongest office markets, according to CoStar.
“This is another example of how new best-in-class office product is setting records for pricing. We’ve seen it in Seattle and West L.A.,” Shannon said.
The office district along Tempe Town Lake near Arizona State University has attracted tech companies such as San Francisco-based DoorDash and finance companies that have snapped up a limited amount of new office space to help them attract and retain the best talent, CoStar market analyst Jessica Morin said.
“The purchase is a prime example of how top-tier office assets in high-demand submarkets attract new out-of-state and foreign buyers to Phoenix,” Morin said.
The tower developed by Lincoln’s Phoenix-based LPC Desert West in partnership with Goldman Sachs MBD Real Estate is one of the largest offices to be developed on speculation without a signed tenant.
LPC Desert West is focused on growing its regional portfolio in Arizona, Nevada, Utah and New Mexico, which includes almost 6 million square feet of development, more than 10 million square feet of acquisitions and a property management portfolio of almost 8 million square feet of office, industrial and retail product.
Grand2 is the second building developed and sold by the Lincoln Property partnership at the 1.8 million-square-foot The Grand at the 60-acre Papago Park Center mixed-use development.
For the Record
C.J. Osbrink from Newmark represented the seller in cooperation with Newmark’s Kevin Shannon, Ken White, Brunson Howard, Paul Jones and Rick Stumm. Apex Capital represented itself.
SEE IT ALL: https://product.costar.com/home/news/900138275?market=29
FROM ME: Now is the time, if you are thinking of selling or purchasing your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County, Pinal County, Arizona / Office / Retail / Industrial / Multi-family / please call me on my cell 520-975-5207 or e-mail me walterunger@ccim.net. Investors and Owner / Users need to really know the market today before making a move. The market has a lot of moving parts. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands your needs. I am marketing my listings on Costar, Loop-net, CCIM, CREXi, Catylist, and various other web sites. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also international. Are you ready to sell or purchase your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County and Pinal County, Arizona, please call me?
Click here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
CLICK HERE TO VIEW ALL MY 60 MIL WORTH OF LISTINGS.
https://www.crexi.com/properties?searchBrokerId=17513
http://walter-unger.com/gold-canyon-resort-sells-for-29-4m/
Walter Unger CCIM
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
Cell: 520-975-5207
History of Arizona from 900 BC – 2017 -Timeline.
History of Arizona from 900 BC – 2017 -Timeline.
History of Arizona from 900 BC – 2017 -Timeline.
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
CLICK HERE: Arizona Opportunity Zones As We Understand /maps. Interested!!! Please contact me.
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Walter Unger CCIM
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
Cell: 520-975-5207
FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU PLEASE CALL ME
CLICK HERE TO VIEW ALL MY 60 MIL WORTH OF LISTINGS.
https://www.crexi.com/properties?searchBrokerId=17513
Also Call me if you need an estimated value of your Property.
Call me if you want to see a map with what is in the Construction Pipeline for Apartments.
Prefer cell: 520-975-5207, or email me walterunger@ccim.net. CLICK HERE TO VIEW ALL MY LISTINGS.
Check out my professional profile and connect with me on LinkedIn.
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207
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