Whispering Wind Corporate Center
96% Leased, Class A, Two-Building Office Complex
Marketing description
Colliers, as exclusive advisor, is pleased to present the opportunity to acquire the Whispering Wind Corporate Center (the “Property”), a ±74,520 square foot, class A suburban office complex that is 96% leased to six diverse tenants. This two-building office complex features dramatic lobbies, attractive architectural details and quality construction. W.L. Gore & Associates, a tenant since 2009, Sherwin Williams, a tenant since 2019, and Blueprint Education, a tenant since 2019, recently extended their leases for 5, 10, and 5 years respectively.
Strategically located in North Phoenix, just seven miles south of Taiwan Semiconductor Manufacturing Company’s (TSMC) $165+ billion fab plants, the Property offers exceptional access to area amenities, large employers, strong transportation infrastructure and outstanding population densities.
This Property offers investors a significant opportunity to acquire a modern, well-designed office complex that provides excellent stable cash flow from six creditworthy tenants. With current rents below market, the Property also offers promising future upside potential.
Investment highlights
SECURE INVESTMENT WITH STABLE CASH FLOW WITH UPSIDE
At 96% occupancy, Whispering Wind Corporate Center offers a secure cash flow from six institutional-quality tenants from diverse industries, with staggered lease expirations, which are at rental rates well below market.
WELL-MAINTAINED BUILDING
Built in 2007 with distinctive building materials and design features, the project has been professionally maintained, minimizing near-term capital expenditures for the buyer.
BELOW REPLACEMENT COST PRICING
Estimated replacement cost is more than $460 PSF, which would result in new rents of more than $40 PSF per year. With existing rents far below replacement costs, and up to 17% below market rates, an investor can acquire the Property at a fraction of today’s construction cost.
INSTITUTIONAL-QUALITY TENANTS
W.L. Gore & Associates (a leading manufacturer of thousands of advanced technology products for the electronics, fabrics, industrial and medical markets), and Sherwin Williams (which houses its regional sales and financial offices here), are joined by four other business, ranging from education, to engineering and logistics, to escrow services. These institutional-quality tenants range in size from 1,440 to 38,308 square feet.
VERY FUNCTIONAL BUILDING FLOOR PLATES AND SITE PLAN
Each two-story building features efficient floor plates that can accommodate a full-floor user or be demised for two or more tenants. Currently one building is fully occupied by W.L. Gore, while suites in the other building range from 1,440 to 11,898 square feet. The improvements are thoughtfully designed, with all parking areas located within a short walk of building entrances.
AMENITY-RICH GROWTH AREA
The convenient regional location has easy access to Interstate 17 via Happy Valley Road. Just north of Deer Valley Municipal Airport within the amenity-rich Deer Valley submarket, it is adjacent to more than 1.1 million square feet of retail, dining, hotel and shopping amenities near Happy Valley Towne Center and The Shops at Norterra. This high-growth corridor continues to see significant residential, retail and employment expansion.
LARGE RANGE OF NEIGHBORHOOD EMPLOYERS
Anchored by TSMC’s $165B semiconductor campus in North Phoenix, the area continues to attract advanced manufacturing, technology, and supplier companies. The area is also home to dozens of private-entrepreneurial companies, and numerous major employers such as Cigna, Farmers Insurance, USAA, W.L. Gore and Associates, Albertson’s/Safeway and PetSmart. These employers have been attracted to the deep labor pool and rental rates.
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