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2233 West Dunlap Avenue

D23, LLC Sells Elevate At Dunlap Office Building In Phoenix For $11.3M
SOLDOffice

D23, LLC Sells Elevate At Dunlap Office Building In Phoenix For $11.3M

2233 West Dunlap Avenue

$13,000,000

$138/SF

Building Size

93,661 SF

Asset Type

Office

Closing

Feb 7, 2024

AI

The sale involved the office building located at 2233 West Dunlap Avenue in Phoenix, AZ. The property, known as Elevate at Dunlap, is a four-story office building spanning 93,661 square feet. It was sold to Maricopa County for $11.3 million, with a final sale price of $13,000,000, translating to a price per square foot of $139.

Summary of transaction details:

Cushman & Wakefield played a crucial role in facilitating the transaction, representing the seller, D23, LLC, in the sale of Elevate at Dunlap. The brokers involved in the deal were Jerry Roberts, Michael Kitlica, and Pat Boyle, all from Cushman & Wakefield, showcasing their expertise in the Phoenix real estate market.

Players

Michael Kitlica

Cushman & Wakefield

Broker

$55.3M

vol

5 deals

Broker

Phoenix Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.22%

Cash-on-Cash

-0.35%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93