Pueblo Nuevo
Jevan took this underutilized office complex and through upgrades increased overall value by 34% just one year after purchasing.
Property Overview
In January of 2016, Jevan purchased the 95,000 sqft. Pueblo Nuevo office complex located in Phoenix, AZ.
The office complex featured 3 adobe style buildings set amongst mature pine trees and waterfall fountain courtyards offered the opportunity to acquire a truly unique asset in Phoenix. The unique office complex coupled with the low occupancy and the improving Phoenix office market provided Jevan a tremendous opportunity to purchase the complex well below replacement costs.
Strategy
Our business plan entailed moderate upgrades to the courtyards and common areas as well as implementing a spec suite program to begin updating much to the vacant office space. The updated soft modern finishes in the spec suite were well received by the marketplace with leases signed between $19 and $20/sqft.
Investment Summary
- Market has responded positively to spec suite program with leases between $19-$20/sqft
- Sizeable 34.25% increase in asset value from $7,300,000 in 2016 to $9,800,000 in 2017
- Extraordinary 260% boost in T-12 NOI on only two years time
See How We Can Impact Your Bottom Line
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