23800 Farmers Way Phoenix, AZ 85085
- Office Properties & Spaces
- 300,000 SF
Current Use by Public Records
- Office Properties & Spaces
Property Details for 23800 Farmers Way
- Property size
- 300,000 SF
- Property type
- Office Properties & Spaces
Description
This exceptional investment opportunity presents two state-of-the-art, Class A office buildings totaling 300,000 rentable square feet in Phoenix, Arizona's high-growth Deer Valley submarket. The property is 100% leased to Farmers Insurance, a globally recognized, S&P A-rated tenant, under a long-term Net Lease (NNN) agreement expiring September 2034. Built in 2017 and 2019 by Ryan Companies, these three-story buildings boast a 6.2:1,000 SF parking ratio, including ample structured and surface parking. Luxurious amenities include multiple conference and training facilities, tenant lounge areas, a full-service cafeteria and kitchen, a café nook, and a fitness center with showers and lockers. The property benefits from abundant natural light, freeway frontage, high visibility, and attractive landscaping. The lease includes a 2.0% annual rental escalation, providing strong, predictable cash flow. Located minutes from the under-construction Taiwan Semiconductor Manufacturing Company campus, this investment offers exceptional quality, low risk, and significant long-term growth potential. Farmers Insurance employees returned to the office in October 2023. This is a truly unique opportunity to acquire a high-quality, net-leased asset with a financially secure, blue-chip tenant in a rapidly developing area.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Phoenix
- County
- Maricopa
- State
- Arizona
- Longitude
- -112.113
- Latitude
- 33.7045
