4100 BROADWAY
PROJECT SUMMARY
DATE ACQUIRED
Apr. 2016
LOCATION
Phoenix, AZ
SIZE
47,048 SF
TENANTS
8
YEAR BUILT
1987
MARKET
REGION
4100 Broadway is located just southeast of the hub of the Phoenix Metro transportation network. The freeway network in the Airport Market Area provides access to major business centers, including Downtown Phoenix, Downtown Tempe, Scottsdale, the Camelback Corridor, and high-tech employers in the southeast Valley Communities of Chandler, Mesa and Gilbert. Proximity to Sky Harbor International Airport gives this market area its name. In addition, the Airport Area is close to high-quality executive and employee residential in the Biltmore/Arcadia, Scottsdale, Ahwatukee Foothills, and Southeast Valley communities.
CORPORATE ENVIRONMENT
State Farm Insurance is under construction on a new 2 million square foot office campus on Tempe Town Lake, and over 3,400 high-quality multi-family residential units are under construction or planned. Tempe has the state’s largest concentration of technology firms, and has major operations for US Airways, Chase Bank, Lifelock, Monster Worldwide, KPMG, and First Solar. Proximity to this dynamic and fast growing business center will create strong and increasing demand for properties in the Portfolio.
EMPLOYMENT
The Airport Market area surrounding Arizona Corporate Plaza has historically been the strongest and most active for R&D, distribution, small and large manufacturing, and service office employment in the Phoenix metropolitan area. The result is a broad and deep base of complementary employment. There is a large base of potential tenants to draw from, as well as tenants who are located in the Portfolio assets servicing the many larger employers in the area. The strength of this area is evident in the fact that 30% of all of the Phoenix area industrial property is located in the Airport Area submarkets, and 2.98 million people live within a 30 minute commute, representing 69% of the entire Phoenix metro area.