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Silver Creek Development Acquires Office Property In Phoenix, AZ For $48.5M

Property Image
SOLD
$48,500,000
Christopher "Chris" Toci
Chad Littell

Arizona

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Office144,800 SF
Sold 11/12/2021
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Property Image
SOLD

Silver Creek Development Acquires Office Property In Phoenix, AZ For $48.5M

25800 North Norterra Parkway, Phoenix, AZ 85085, USA

See Similar Deals
Office144,800 SF
Sold 11/12/2021
Christopher "Chris" Toci
Chad Littell
the dealplayerscompscontact
Contact now

Summary

ARIZONA
Asset Type:Office
Price Per Square Foot:$334
Total Square Footage:144,800 SF
Transaction Type:Sale

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

Chad Littell
Cushman & Wakefield
Chad Littell
1 deal$48.5M volume
BROKER
Christopher "Chris" Toci
Cushman & Wakefield
Christopher Toci
15 deals$273.4M volume
BROKER
SD
Silver Creek Development
BUYER
USAA Real Estate
USAA Real Estate
SELLER
USAA Real Estate
USAA Real Estate
LENDER

Details

SOLD
IMAGE: Charles Essig, Chris Toci & Chad Littell DATE: 11/12/2021 ADDRESS: 25800 North Norterra Parkway MARKET: Phoenix, AZ ASSET TYPE: Office BUYER: Silver Creek Development - Charles Essig SELLER: USAA Real Estate & Metro Commercial Properties Inc. BROKERS: Chris Toci & Chad Littell - Cushman & Wakefield SALE PRICE: $48,500,000 SF: 144,800 ~ PPSF: $335

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,586,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$172,310.25
Cash-on-Cash Return-1.27%
Monthly Debt Service$229,914.74
Annual Debt Service$2,758,976.92