CBRE Arranges $34M Refi for Phoenix Business Park
- Apr 28, 2020
CBRE Capital Markets Debt & Structured Finance has arranged a $33.8 million refinancing package for Park One, a 217,433-square-foot office campus in Phoenix. Dana Summers, Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell and Jim Korinek secured the financing from Alliance Bank of Arizona on behalf of Velocis.
According to Yardi Matrix data, Velocis purchased the Class A, three-building property in 2016 for $39 million. The company owns another Phoenix office campus—CBRE arranged the sale of Kierland One last October.
Located at 2111, 2121 and 2141 E. Highland Ave. in the Camelback Corridor, Park One consists of two office buildings totaling 205,000 square feet and a freestanding restaurant, all developed in the 1980s. Amenities include a private lake, café and fitness center, as well as above- and below-grade parking. Yardi Matrix shows that the campus underwent cosmetic renovations between 2012 and 2014. Upgrades included remodeled common areas and amenity spaces. The property was 92 percent leased at the time of the refinancing, according to CBRE information.
The 11.3-acre property is some 7 miles northeast of downtown Phoenix, just east of Highway 51. The surrounding area holds numerous dining and shopping destinations, including Biltmore Fashion Park and Camelback Colonnade.