Menlo Equities acquired a fully leased, 5-year-old office building, totaling approximately 73,377 square feet, situated on 4.6 acres in Phoenix, Arizona.
The property was acquired 100% leased to S&P “A+”-rated Mutual of Omaha Insurance Company for a noncancelable 15-year term
Lease is “absolute-net,” whereby tenant is responsible for all costs including structural repairs and rebuilding in the event of a catastrophe
Class-A, institutional-quality office building, built in 2009, that is LEED Silver-certified and will be highly attractive to core real estate buyers upon an eventual exit
The property is well-located within the Phoenix market—directly adjacent to Tempe, the most sought-after submarket in the Phoenix area—and is in the path of growth as companies migrate west from Tempe/Chandler