Rare, Fortune 10 Single-Tenant Value-Add Opportunity in Scottsdale, AZ.
JLL has been engaged as the exclusive advisor to extend to qualified investors the opportunity to acquire the fee simple interest in 92 Mountain View (the “Property”), a 116,200 square foot institutionally owned and maintained office building in Scottsdale, Arizona. The single-tenant asset is currently 89% leased to CVS Caremark (S&P: BBB) through March 2022, with an option to extend their term for 10 years at fair market rent. In addition, the Property is immediately adjacent to the larger CVS campus with fiber connectivity between the two locations. The Property benefits from the area’s robust demographics, with an average household income over $145,000 within a 5-mile radius, walking distance to over 1.4 million square feet of upscale shopping and dining, and excellent accessibility and visibility via Arizona State Route 101 (the “Loop 101”). Located in Arizona’s premier submarket, Scottsdale, the Property provides the unique opportunity to acquire an institutional-quality office building that is anchored by an investment grade tenant, with the ability to extend them on a long-term basis. The Property is free and clear of existing debt.