Madison
225 South 51st Street, Phoenix, AZ

CAPROCK CASE STUDIES

Key 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

CAPROCK CASE STUDIES

The Results

  • Completed renovation plans on time & under budget
  • Leased building to credit tenant for seven (7) years
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