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The Summit 2 Office Properties in Phoenix, AZ
Investment Highlights
- INSTITUTIONAL-QUALITY OFFICE CAMPUS WITH SIGNIFICANT VALUE-ADD OPPORTUNITY
- LARGE, EFFICIENT FLOOR PLATES WITH INSTITUTIONAL INFRASTRUCTURE
- SIGNIFICANT RENTAL UPSIDE SUPPORTED BY SUBMARKET FUNDAMENTALS
- EXISTING CREDITWORTHY TENANCY WITH MEANINGFUL TENANT INVESTMENT
- AMPLE PARKING AND CAMPUS ENVIRONMENT
- RARE INFILL LAND COMPONENT SUPPORTING FUTURE DEVELOPMENT
Executive Summary
Newmark, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in The Summit (the “Property”), a ±290,904 square foot, two-building office campus situated on approximately ±14.8 acres along the highly desirable Piestewa Peak Corridor in Phoenix, adjacent to the Camelback Corridor.? Comprised of 7720 N 16th Street (±163,393 SF) and 7740 N 16th Street (±127,511 SF), the Property offers institutional quality construction, large efficient floor plates, two, two-level parking structures, and immediate access to one of the Valley’s most connected freeway corridors via a full diamond interchange at Northern Avenue and SR-51, less than one mile to the north of the Property.? Currently 31% leased with ±5.0 years of weighted average lease term, The Summit presents a compelling value-add opportunity supported by existing in-place rents that are 14% below market, providing clear mark-to-market upside.?
In addition, the Property’s nearly ±14.8-acre infill land position, with a parcel split currently submitted to the City of Phoenix creating two independently titled parcels, anticipated to significantly reduce property taxes, moreover, creating significant optionality, allowing investors to pursue a traditional office lease-up, partial campus monetization, or future redevelopment strategy in one of Phoenix’s most supply-constrained and evolving submarkets.?
In addition, the Property’s nearly ±14.8-acre infill land position, with a parcel split currently submitted to the City of Phoenix creating two independently titled parcels, anticipated to significantly reduce property taxes, moreover, creating significant optionality, allowing investors to pursue a traditional office lease-up, partial campus monetization, or future redevelopment strategy in one of Phoenix’s most supply-constrained and evolving submarkets.?
Property Facts
| Sale Type | Investment | Individually For Sale | 0 |
| Status | Active | Total Building Size | 291,253 SF |
| Number of Properties | 2 | Total Land Area | 22.32 AC |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 291,253 SF |
| Total Land Area | 22.32 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 7720 N 16th St, Phoenix, AZ 85020 | Office | 166,177 SF | 1999 | - |
|
The Summit
7740 N 16th St, Phoenix, AZ 85020 |
Office | 125,076 SF | 1999 | - |
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