Newmark Capital Markets has completed the $33.1 million sale of The Madison, a 177,312-square-foot Class A office property in the Camelback Corridor submarket of Phoenix, AZ. The property is approximately 93 percent occupied by a diverse mix of tenants.
Paul Jones, Kevin Shannon, Rick Stumm, Ken White, Brunson Howard and CJ Osbrink of Newmark Capital Markets represented the seller, a joint venture of Everwest Real Estate Investors and CenterSquare Investment Management. The buyer, Admiral Capital Group, was self-represented. This marks Admiral Capital Group’s first acquisition in the Phoenix market.
“Located in one of the hottest submarkets in the Phoenix MSA, over $4 million of recent capital improvements, committed tenancy, and excellent access, The Madison was incredibly appealing to investors that saw a stabilized institutional quality investment with attractive embedded value,” Osbrink said. “Today more than ever we are seeing a significant push of new and aggressive capital into the Phoenix market.”
Built in late 1986 and 1990 with a renovation completed in 2017, The Madison is located on 2.88 acres at 5343 and 5353 N. 16th Street in Phoenix. The property includes two four-story office buildings and subterranean parking. With its recent renovation, the property has seen major enhancements to the lobbies and restrooms, conference center common areas, monument signage, and landscaping, as well as the addition of a new deli. The Madison offers views of the Midtown and Downtown Phoenix skyline to the south, Camelback Mountain and the 24th Street and Camelback skyline to the east and Piestewa Peak to the north.
According to the U.S. Census Bureau, Phoenix is the fastest growing city in the nation with an economy expanding at a faster rate than the U.S. economy. Job growth in the Phoenix metropolitan area remains above the national benchmark as well. These factors are key drivers for the strength of the office property sector.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.