Phoenix, Ariz. (June 12, 2018) - Biltmore RE, LLC, a net leased investment group, has purchased a Class A office building, located at 2701 East Camelback Road in Phoenix, Arizona, for $3,110,000. The sale was an absolute NNN leaseback to the seller, Arciterra Companies, a real estate investment and development company. Kidder Mathews commercial real estate broker, Jenette Bennett, represented Biltmore in the transaction.
The 8,501 square foot, single-tenant building is located in the Camelback Corridor, close to high-end shopping, restaurants, and a vibrant nightlife. It has one of the densest daytime-business populations in Phoenix.
"This was a rare sale and leaseback to a strong and well-established company with a complex business," said Bennett. "Unlike most STNL national tenant deals, it took time and resources to research and gain a clear understanding of the numerous, nationwide entities they owned," she said.
Businesses are trending toward sale and leaseback transactions due to the tax implications of owning real estate instead of carrying a lease expense on the books. Tenants are reinvesting in their business or expanding to new locations, creating previously unrealized opportunities for those interested in a long-term, absolute NNN real estate investments.
"The Camelback Corridor has never been stronger in terms of lease rates and occupancy," said Bennett. "The frequency of owner-users executing on the sale and leaseback option is likely to increase over the next several years," she said.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with over 700 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $7 billion in transactions, manages over 50 million square feet of space, and conducts 1,500 appraisals annually. For more information, visit kiddermathews.com.