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REAL ESTATE
Multitenant building sells for $6.2 million in Arrowhead area of Peoria
Erskine Property Group acquires Arrowhead Professional Plaza
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Erskine Property Group has acquired Arrowhead Professional Plaza, 9051 W. Kelton Lane.
Posted
A 33,659-square-foot multitenant flex/office building in Peoria has sold for $6.2 million.
Erskine Property Group acquired the Arrowhead Professional Plaza, located at 9051 W. Kelton Lane.
Cushman & Wakefield Advised the sale of this building, a single-story office and flex building that is currently 100% leased to 12 tenants.
Eric Wichterman and Mike Coover with Cushman & Wakefield in Phoenix represented the seller, Hill Trust Delaware LLC. Keri Davies and Jason Reddington of Levrose Commercial Real Estate represented the buyer, Erskine Property Group LLC.
“Arrowhead Professional Plaza is a high-quality freestanding building featuring a U-shaped floor plate around a central courtyard with shallow bay depths that allow the flexibility for suites to be configured for smaller tenants—smaller users represent the vast majority of office tenants currently in the market. The property also provides the buyer with a great combination of stability plus exceptional upside as a mark-to-market opportunity given its in-place rents are currently well below market,” Vice Chair Eric Wichterman said in a news release.
Additionally, the building offers the unique and flexible potential to accommodate industrial tenancy, which it was originally developed to do, Managing Director Mike Coover said.
Arrowhead Professional Plaza was originally buildt in 1999 as a flex/industrial property with three grade level loading doors in the rear of the building, which have since been replaced with glass curtain walls. The building features an approximate clear height of 16 feet throughout.
