Silver Creek Development Acquires Office Property In Phoenix, AZ For $48.5M
25800 North Norterra Parkway, Phoenix, AZ 85085, USA
$48,500,000
$334/SF
Building Size
144,800 SF
Asset Type
Office
Closing
Nov 12, 2021
About this deal
AI
The office property located at 25800 North Norterra Parkway in Phoenix, AZ has been sold for a total of $48,500,000. The transaction took place on November 12, 2021. The property spans 144,800 square feet, resulting in a price per square foot of $335. The sale involved the buyer, Silver Creek Development, represented by Charles Essig, and the seller, USAA Real Estate & Metro Commercial Properties Inc.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $48,500,000
- Address: 25800 North Norterra Parkway, Phoenix, AZ
- Market: Phoenix, AZ
The buyer, Silver Creek Development, was represented by Charles Essig. On the other hand, the seller was USAA Real Estate & Metro Commercial Properties Inc. The sale was facilitated by brokers Chris Toci and Chad Littell from Cushman & Wakefield.
Players
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
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93