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399 S Malpais Lane, Flagstaff, AZ

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399 S Malpais Lane

Flagstaff, AZ 86001-6218

Property Type:Office Sub Type:- Status:Existing Year Built:2014
Stories:2 Typical Floor:13,855 SF Building Size:27,711 SF
For Sale Price:$8,100,000 Price/SF:$292.30
Cap Rate:9.00 %
Parking:128 Surface spaces are available; Ratio of 5/1,000 SF

Prime retail space and office space available anchored by CollegeAmerica . ColllegeAmerica occupies 13,000 square feet with 276 students and 40 full/part time staff and faculty on campus.

13,000 Square Feet vanilla shell of Office on the first floor Available.

New CollegeAmerica building under construction and scheduled for completion in January, 2013. Take part/Take All!

The CollegeAmerica building is located directly across the street from Northern Arizona University and just off the desired Milton Road retail corridor.

Sale Notes:
CBRE, Inc. has been retained as the exclusive representative to offer qualified investors the opportunity to acquire 399 S. Malpais Lane, Flagstaff, Arizona, a newly constructed, ±27,711 square foot office building; ±85% leased to three excellent tenants: CollegeAmerica, NextCare Urgent Care and Arizona Arthritis & Rheumatology Associates PC. CollegeAmerica is a private college owned by the Center for Excellence in Higher Education (CEHE) based in Salt Lake City, UT. The College was founded in 1964 and has 19 branch campuses across 7 Western States, offering over 40 degrees and employing more than 2,000 people nationwide. NextCare Urgent Care is a leading Urgent Care provider in 10 states with more than 100 locations (35 in Arizona). Arizona Arthritis & Rheumatology Associates, PC was founded in 1994 and has 7 locations throughout Arizona.
The Property offers a stable NNN income stream from the three Tenants and offers tremendous upside by leasing the remaining ±3,899 square foot vacant space. Offered at an 8.78% cap rate on existing income, there is an immediate opportunity to realize double digit returns through the lease-up and 3% annual rental increases in the leases.

Andrew Fosberg
(602) 735-1723

Dylan Brown
(602) 735-1714

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