6955 W Morelos Pl
Chandler, AZ 85226
Chandler Freeways - Building A · Industrial Property For Sale

Cushman & Wakefield, as exclusive advisor, is pleased to present an opportunity to acquire the VERIZON WIRELESS MISSION-CRITICAL SUPPORT FACILITY (the “Property”), a 170,647 square foot office development that is 100% leased by Verizon Wireless (Moody’s A3), the primary operating subsidiary of Verizon Communications (NYSE: VZ; S&P: BBB+). Verizon Wireless has been in occupancy since the project was completed in 2004 and has invested a tremendous amount of their own capital into establishing its function as a mission-critical component of their national footprint. There is a strong likelihood that Verizon Wireless will exercise their three remaining five-year renewal options and extend their lease term through October 31, 2039 for the following reasons: (1) Verizon Wireless has occupied this mission-critical facility for 16 years and accommodates C-Suite functions, (2) their current lease rate is flat through the current term and is approximately 30% below today’s market rental rates, (3) Verizon Wireless continues to invest large amounts of capital into the Property in order to both upgrade finishes and accommodate the onboarding of new employees that are consolidating into this site, and (4) the physical improvements and 12-acre site in the Southeast Valley would be very difficult to duplicate. The VERIZON WIRELESS MISSION-CRITICAL SUPPORT FACILITY offers the investor a unique opportunity to secure a durable income stream backed by investment-grade credit, offered at a substantial yield premium relative to Verizon Communications’ corporate bonds, supported by C-Suite functions in a mission-critical facility, and located in the Southeast Valley which is widely considered Metro Phoenix’s most coveted trade area.