Property History
Corridors Corporate Center, located at 2155 West Pinnacle Peak Road, Phoenix, Arizona (the “Property”) is a high quality, ±132,061 SF, 92% leased, four-story multi-tenant office building that is anchored by Chubb Insurance (NYSE: CB; S&P AA). This highly amenitized investment opportunity checks all the boxes that office tenants seek today including an onsite fitness center with lockers and showers, Corridors Café, conference/training facility, and abundant surface parking, much of which is covered canopy. In addition to the café, this multi-tenant property includes four high quality office tenants with expertise in the insurance, banking, solar and logistics industries, the largest of which being Chubb Insurance, an original tenant to the building, representing 63% of the total Property GLA, and is in full physical occupancy. In addition to Chubb Insurance, the Property recently added another investment grade credit tenant, Umpqua Bank (S&P BBB) -- when combined with Chubb Insurance, investment grade tenancy occupies 80% of the GLA at the Property!
In addition to Corridors’ sticky, credit-worthy tenancy, the Property also benefits from an outstanding, Deer Valley submarket location. This high barriers to entry location, is one of the most sought after in all of Metro Phoenix due to not only its easy access to labor via the I-17 & Loop 101 freeways, high quality retail, hospitality and restaurant amenity base, minimal available fee simple land as the majority is controlled by the State of AZ, Federal Government or local municipalities, but the most compelling sustainable element in this market area is the $165 Billion, Taiwan Semiconductor Manufacturing Company’s United States HQ, a short 5-minute drive from the Property!
To view the Offering Memorandum please click on the following link: https://platform.reverecre.com/project/21d27fa2-716b-408a-bd94-884c2aca3f5d
Investment grade tenancy – Chubb Insurance (S&P AA) and Umpqua Bank (S&P BBB) occupying 80% of the Property
Longstanding tenancy from the Property’s anchor tenant, Chubb Insurance, having been in occupancy as the Property’s primary tenant since 2002!
Strong physical occupancy of all tenants within the building
Mark to market opportunity with in-place rent 10.5% below market
Highly sought after Deer Valley submarket location
Significant high barriers to entry with much of the undeveloped land within the submarket controlled by the State of Arizona, Federal Government or local municipalities
Proximity to a sustainable major economic engine, the $165B TSMC US Headquarters Campus
One mile north of the Property, Pulte recently acquired more than 6,300 acres from the State of Arizona that will add nearly 20,000 homes and will further redefine the area immediately north of Corridors Corporate Center
Robust surrounding amenities include ±1.9 million square feet of retail and restaurant space, 2,200 apartment units, and 600 hotel rooms within a two-mile radius of the Property
1 Minute Drive to the I-17 Freeway providing access to 73% of Maricopa County within a 40-minute commute
Will be sold at a fraction of replacement cost!
Loan History
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