MetLife Lends $54M on Office Building in Downtown Phoenix
MetLife Investment Management has provided $54 million in debt to DL Properties to finance Central Arts Plaza, a 24-story office property located just north of Downtown Phoenix, Ariz., Commercial Observer has learned.
The five-year, fixed-rate loan retired existing debt on the Class A office property, which is located at 1850 North Central Avenue in Phoenix.
DL Properties is run by owners David, Peggy and Kelly Long, as per information from MetLife.
CBRE Vice President Trent Snarr sourced and arranged the debt, MetLife and DL confirmed. MetLife’s Nick Ito and Edwin Kwon originated the loan. The deal closed on Oct. 30.
The 500,000-square-foot property sports a diverse rent roll, as its largest tenant only covers around 10 percent of net rentable area, as per DL and MetLife. The property includes a 150-seat auditorium and conference center for tenants, dining areas with outdoor terrace seating, a 10,000-square-foot fitness center, a performing arts theatre, “specialty retail” that features a coffee shop and small sundry outpost, and dry cleaning services, as per information from a JLL brochure detailing the property.
The site also includes a more than 2-acre urban park and a 1,425-space parking garage. Also, the property benefits from being adjacent to a Valley Metro Rail light rail stop, which provides service to and from Phoenix, Tempe and Mesa. The Valley Metro Rail, which began service in 2008 stretches more than 28 miles.
Central Arts Plaza — formerly known as the Viad Corporate Center — is surrounded by dining and retail in the city’s Central Arts District and is located nearby the Arizona Opera, the Phoenix Theatre Company and the Arizona attorney general’s office.