Phoenix, Arizona – An attractive single-tenant NNN office investment property at 27th Drive and Carefree Highway fully leased to Edward Jones, sold this week for $310,000 or $268 per square foot. Nick Miner, CCIM and J.T. Taylor of ORION Investment Real Estate represented the Seller, Western American Investments, LLC in the transaction. The Buyer, Front Door Properties, LLC, purchased the property at a 7.3% cap rate.
The property is located in North Phoenix off of Carefree Highway, offering office tenants easy access to their residences as well as ample dining and shopping options. The property is nestled around several luxury housing communities, and there’s a newly constructed Honor Health just a mile south of the property. The town of Anthem is two exits north, while Happy Valley and Norterra are two exits south of the property.
This marks the second time this year Miner and Taylor have sold an Edward Jones NNN investment property. The first sale was located in Mesa at Baseline and the Loop-202. This first transaction also offered the Buyer a corporate guarantee and a 7+ cap rate.
Taylor commented, “Buyers like the fact that these are corporate guaranteed leases and “bite size” deals.”
Regarding the sale this week, “We received multiple offers on this property," said Miner. "With the corporate credit (Edward Jones), net lease, and price point, this appealed to all levels of investors. The Buyer was in a 1031 exchange and liked the property for all of these reasons.”
For more information, Miner should be reached at 480.612.0384 and Taylor can be contacted at 480.868.2671.