Madison
225 South 51st Street, Phoenix, AZ
Property Highlights
- Neighboring Institutional owners include: Prologis [NYSE: PLD], Clarion Partners, LBA Realty, Black Creek Capital, Invesco [NYSE: IVZ], Blackstone, DCT Industrial Trust [NYSE: DCT], Principal Financial Group [NYSE: PFG]
- Neighboring tenants/owner-users include: Amazon.com [NYSE: AMZN], Ferguson Enterprises, Inc., Honeywell International, Inc. [NYSE: HON], Textron, Inc. [NYSE: TXT], Boeing [NYSE: BA], W.W. Grainger, Inc. [NYSE: GWW]
- Acquisition well below replacement cost
Property Information
- Off-market acquisition
- 110,710 sq. ft. Class A industrial building
- Located in Sky Harbor submarket, the premier submarket in Phoenix
- Loop 202 Freeway frontage
- Minutes from Sky Harbor International Airport & downtown Phoenix
Business Plan
- Implement extensive capital renovations including new storefront, new windows, new landscaping, fully secured yard
- Build +/-2,000 sq. ft. of speculative office
- Upgrade sprinklers to ESFR
- Utilize excess land for trailer parking area
- Exploit to create upward lease momentum and declining YoY vacancy
- Exploit to create upward lease momentum and declining YoY vacancy
The Results
- Completed renovation plans on time & under budget
- Leased building to credit tenant for seven (7) years
