Whispering Wind Corporate Center

Phoenix, AZ

Offering Memorandum

The Offering

Key Facts

Address 2205 & 2225 W Whispering Wind Drive Phoenix, AZ 85085
Type Class A, two building, two-story office complex
Building Area ±74,443
Percent Leased 98%
Year Built 2007
Parking Ratio ±4.5:1,000
In Place Noi $1,065,410
Land Area ±4.73 acres
Number of Tenants 7

Investment Summary

Whispering Wind Corporate Center is a class “A”, two building, two-story office complex that features dramatic two-story lobbies, attractive architectural details, quality construction and a solid tenant base. A short distance from the southeast corner of 23rd Avenue and Happy Valley Road in the North Valley of Phoenix, Arizona, it offers exceptional access to area amenities, large employers, strong transportation infrastructure and healthy population densities. The major tenant, occupying one-half of the ±74,443 square foot project, is W.L. Gore & Associates, a leading manufacturer of thousands of advanced technology products for the electronics, fabrics, industrial and medical markets. At 98% occupied, the other tenants range in size from 2,974 to 11,898 square feet, and represent a diverse mix of institutional-quality tenants.

Whispering Wind Corporate Center offers investors an exceptional opportunity to acquire a modern-design office campus that provides excellent stable cash flow from a mixture of seven creditworthy tenants that are at below-market rents, offering promising future upside.

Offering Highlights

Secure Investment with Stable Cash Flow with Upside

At 98% occupancy, Whispering Wind Corporate Center offers a secure cash flow from seven institutional-quality tenants from diverse industries, with staggered lease expirations, all of which are at rental rates well below market.

Well-Maintained and Below Replacement Cost Pricing

With tenants paying below-market rates that are also well below reproduction cost pricing, an investor will purchase the property at a fraction of what it would cost to build today. Built in 2007 with distinctive building materials and design features, the project is in excellent condition, limiting any near term capital expenditure by the purchaser.

Location Highlights

Amenity-Rich Growing Area with Easy Connectivity Whispering Wind Corporate Center has a convenient regional location with easy access to Interstate 17 via Happy Valley Road. Just north of Deer Valley Municipal Airport within the amenity-rich Deer Valley submarket, it is adjacent to more than 1.1 million square feet of retail, restaurant, hotel and shopping amenities at Happy Valley Towne Center and The Shops at Norterra. This infill location continues to aggressively expand, offering large tracts of beautiful desert land to develop new, upscale neighborhoods. Businesses Range from Entrepreneurs to Large-Scale Employers The Deer Valley submarket is home to dozens of private-entrepreneurial companies, along with numerous large-scale employers such as Cigna, Farmers Insurance, USAA, W.L. Gore and Associates, American Express, Albertson’s/Safeway, PetSmart and Discover Card. These employers appreciate the area’s convenient transportation routes, desert mountain setting and its vibrant, growing and high-quality live, work, play village community.

Property Highlights

Very Functional Building Floor Plates and Site Plan Each two-story building has floor plates that can efficiently accommodate a full-floor occupant, or demise for two or more tenants. The improvements are conveniently sited so that all parking areas are a short walk to a building entrance.

Tenant Highlights

The Seven Institutional-Quality Tenants Include:

> W.L. Gore, 38,308 SF, one of the 200 largest privately held companies in the U.S., which fully occupies one of the two buildings;

> Edberg Perry, 11,898 SF, the corporate headquarters for this pension fund manager that has served the Arizona region for more than 47 years;

> Sherwin Williams, 7,367 SF, a 154-year-old industry leader in technologically advanced paint and coatings;

> Blueprint Education, 5,986 SF, the headquarters for this award winning charter public school organization, serving special-needs students for more than 50 years;

> American Title Service Agency, 3,334 SF, a tenant for nine years, this is one of more than a dozen ATSA locations throughout greater Phoenix;

> ACS Technology Services, 3,136 SF, the Property's newest tenant relocating from a nearby property, provides a fully integrated IT solution to more than 50,000 churches across the U.S;

> Arrowhead General Insurance Agency, 2,974 SF, a branch agency office that is wholly-owned by publicly-traded insurance giant, Brown & Brown, Inc.