Strange Things Are Afoot at the Circle K
When Ted Logan muttered that line in Bill & Ted's Excellent Adventure, he must have been referring to this deal: 7th Gate Center—home to Citgo and a Circle K-turned-Chase Bank—is about to be sold.
Braxton has seen investor appetite returning to the city, particularly for non-core properties. (Non-core assets in Phoenix are as satisfying as a Polar Pop.) Orion Properties' Braxton Glass tells us that the 43k SF office building at North 7th St and East McDowell Rd is under contract with an undisclosed party (we hate anticipation). The owner, Burke Hansen, has decided to sell even though it's only 77% occupied. Braxton—who's marketing it for a little more than $6M—says the timing of the buy (the early naughts) “turned out not to be great,” and Burke Hansen's dreams of repositioning and filling the building fell by the wayside.
"The perception of the universe is that core is largely played," Braxton tells us. Now it's all about the deals that you couldn't get action on at all a year or two ago. He says to also keep an eye on the 50k SF 300 West Osborn Rd office building, which is also under contract with a secret buyer.