Northsight Corporate Center
Northsight Corporate Center :: 100% NNN Leased to Vanguard Class A Office
Marketing description
Newmark, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in Northsight Corporate Center, a ±136,862 square foot, institutional-quality, Class A office asset located in the premier Scottsdale Airpark submarket. The Property is 100% leased to The Vanguard Group on a NNN basis through January 31, 2033, providing approximately 6.6 years of remaining lease term and secure, predictable cash flow backed by one of the world's most creditworthy financial institutions.
The investment offers a rare combination of long-term income durability and embedded strategic value. Vanguard has made a substantial commitment to the Property and surrounding campus, including a ±$5 million capital investment that has already been made, along with another estimated $23 million capital investment program (currently in process) to enhance and integrate the asset with its adjacent three-building, owner-occupied regional headquarters. These improvements will include significant tenant upgrades and fiber connectivity, effectively transforming the Property into a mission-critical extension of Vanguard's Scottsdale regional operations hub.
This integration, combined with Vanguard's scale and long-term operational presence, creates exceptional tenancy "stickiness" and significantly reduces future rollover risk. In addition, the Property benefits from below-market in-place rents, providing investors with future mark-to-market upside upon renewal.
Investment highlights
- SIGNIFICANT TENANT-FUNDED CAPITAL PROGRAM integrating the Property into Vanguard's adjacent owned campus, including ±$5M recently spent to implement a secure intranet connection; and another estimated $23 million currently being spent demolishing current improvements and rebuilding/modernizing all interior spaces to current institutional standards.
- NNN LEASE STRUCTURE providing passive ownership and minimal landlord responsibilities
- MISSION-CRITICAL LOCATION as an extension of Vanguard's regional headquarters
- STABLE AND GROWING CASH FLOW supported by annual rent escalations
- 13% BELOW-MARKET IN-PLACE RENTS providing mark-to-market upside
- SELLER FUNDED HVAC CAPITAL PROJECT to fully improve/update all HVAC systems
- INSTITUTIONAL-QUALITY ASSET with strong credit tenancy and long-term occupancy profile
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