Nexus @ ASU Research Park 8600 S Science Dr 123,864 SF Office Building Tempe, AZ 85284 $27,500,000 ($222.02/SF) 9.91% Cap Rate
INVESTMENT HIGHLIGHTS
- Leased to Amazon.com, a Fortune #2, S&P AA- rated publicly traded company (NASDAQ: AMZN)
- Durable income stream with 4.1-year firm lease. Amazon has been at the property for nearly 10 years!
- Located 1/4 mile from the Loop 101 Freeway
- Below market rent, 17% below recently completed competitive leases in Tempe, South Tempe and Chandler
- Significant capital expenditures, with an excess of $16 M ($130 PSF) spent in the past 9 years
- Located in the ASU Research Park, a premier +/-320-acre research and corporate business park
EXECUTIVE SUMMARY
Newmark, as exclusive advisor, is pleased to present the opportunity to acquire the leasehold interest in Nexus @ ASU Research Park, a Class A, ±123,864 square foot, 100% leased corporate office property in Tempe, Arizona (the “Property”). The Property is fully leased to the investment grade, Fortune #2, ±$1.8 trillion market cap, Amazon.com, Inc. (NASDAQ: AMZN; S&P: AA- LT & A-1+ ST ; Moody’s A2). The lease is guaranteed by the parent company.
Built in three phases, in 1985, 1987 & 1995, and fully repositioned from 2015-2020, with ongoing improvements today. Amazon has enjoyed
occupancy at the Property since 2015 and recently renewed their lease commitment for a 5-year firm term. Amazon utilizes Nexus @
ASU Research Park as its North American Network Operations Center supporting Amazon’s transportation operations. This one-of-a-kind operations center services the entire United States. Since 2015, property ownership and Amazon have infused more than $16 million (±$130 PSF) of capital improvements into the interior, exterior, and building infrastructure. Amazon continues to invest capital into their space with an ongoing improvement project in the 8600 S. Science portion of the Property which will update the FF&E, flooring, and paint, among other aesthetic improvements. This significant capital investment in the Property, recently renewed lease, physical occupancy, and the fact that Amazon has never vacated a direct leased or owned asset across Metro Phoenix, signifies a high likelihood of continued operation and success at Nexus @ ASU Research Park
Built in three phases, in 1985, 1987 & 1995, and fully repositioned from 2015-2020, with ongoing improvements today. Amazon has enjoyed
occupancy at the Property since 2015 and recently renewed their lease commitment for a 5-year firm term. Amazon utilizes Nexus @
ASU Research Park as its North American Network Operations Center supporting Amazon’s transportation operations. This one-of-a-kind operations center services the entire United States. Since 2015, property ownership and Amazon have infused more than $16 million (±$130 PSF) of capital improvements into the interior, exterior, and building infrastructure. Amazon continues to invest capital into their space with an ongoing improvement project in the 8600 S. Science portion of the Property which will update the FF&E, flooring, and paint, among other aesthetic improvements. This significant capital investment in the Property, recently renewed lease, physical occupancy, and the fact that Amazon has never vacated a direct leased or owned asset across Metro Phoenix, signifies a high likelihood of continued operation and success at Nexus @ ASU Research Park
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
123,864 SF
Building Class
B
Year Built/Renovated
1987/2015
Price
$27,500,000
Price Per SF
$222.02
Cap Rate
9.91%
NOI
$2,724,723
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
61,932 SF
Slab To Slab
12’
Building FAR
0.26
Lot Size
10.90 AC
Zoning
AG
Parking
712 Spaces (5.75 Spaces per 1,000 SF Leased)
AMENITIES
- Day Care
- Wheelchair Accessible
- Air Conditioning
- Smoke Detector
- On-Site Security Staff
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PROPERTY TAXES
| Parcel Number | 301-53-326 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $3,372,659 |
