Everest's team has been involved in a wide variety of commercial real estate projects, including office, retail, industrial, mixed-use and other product types. Everest's commercial platform is focused on investing in premier office, flex and other commercial properties throughout AZ, with a particular focus on the Phoenix metro. Everest favors value-add situations and Class A or B assets. The company also acquires loans secured by such assets, particularly non-performing or under-performing loans. Backed by an institutional private equity venture partner, Everest has the ability to pay all cash and close quickly with no financing contingencies. Everest's commercial team has over 80 years of combined experience in the management, development, acquisition, disposition and financing of real estate projects.
Deer Valley Office Park. Phoenix, AZ
Everest purchased this 175,225 square foot Class A suburban office park along the 101 in the highly coveted Deer Valley submarket of Phoenix, AZ. The two-building project features a strong roster of institutional tenants, highly accessible location and proximity to a deep amenity base. At the time of purchase, the project was 80% occupied. Within the first 12 months of ownership, Everest increased occupancy to 100% with the addition of two strong credit tenants. For more information, click here.
50/Ray. Phoenix, AZ
Everest purchased this 144,908 square foot Class A suburban office project off the I-10 in the highly sought-after Ahwatukee/South Tempe submarket. The two-building project is 72% occupied by a strong roster of institutional tenants and features a highly accessible location, flexible and expansive floor plates, an above-standard 6 parking spaces per 1,000 square feet and proximity to a deep amenity base. For more information, click here.
El Dorado Tech Center. Gilbert, AZ
In June 2015 Everest purchased this 180,480 square foot Class A suburban office building in the desirable Southeast Valley submarket of Phoenix. At the time of purchase, the property was 65% occupied to a single tenant, Go Daddy. Everest subsequently launched a transformative renovation, expanded Go Daddy into 100% of the project and sold the building in January 2018 for 2.1x its original purchase price.
Consumer Cellular at Deer Valley. Phoenix, AZ
This represents an outstanding example of a successful adaptive reuse involving a vacant retail big box. In October 2014 Everest purchased this 105,107 square foot former retail building off I-17 in the Deer Valley submarket of northern Phoenix, AZ with the intent to convert it to an office building. At the time of purchase, the building was fully vacant and in shell condition. Everest subsequently launched a transformative $9 million renovation to develop a state-of-the-art creative office building with 56% more rentable area than in its original condition, fully leased it to Consumer Cellular and sold it in September 2018 for over 2x the original purchase price plus renovation cost.
Elliot Center. Tempe, AZ
In September 2013 Everest purchased this 2-story, 215,320 square foot Class A suburban office building off I-10 in the South Tempe submarket. Everest recently constructed a brand new lobby and completed several other renovations, giving the building a fresh new look for 2018-19. The property, which has a highly accessible location within minutes to four freeways, also features expansive floor plates, 14 foot ceiling decks, outdoor amenities, 130 restaurants within a 2.5 mile radius, and high parking ratio expandable to 7.0 per 1,000 square feet. The building has 215,320 square feet currently available for lease. For more information, click here.
Tempe Commerce Park. Tempe, AZ
In May 2013 Everest purchased this 2-building, 160,313 square foot Class A suburban office park off I-10 in the South Tempe submarket. The property is ideally situated among a varied and deep amenity base, including over 500,000 square feet of walkable restaurants and other amenities. Everest purchased the park at 47% occupancy and subsequently leased it up to 100% occupancy with a fast growing, strong credit, blue-chip tenant. Everest sold one of the buildings in December 2017 and is under contract to sell the other building soon.
Thistle Landing. Phoenix, AZ
In August 2012 Everest purchased this 101,006 square foot Class A suburban office building off I-10 in the Ahwatukee/South Tempe submarket. The 4809 building is part of a 4 building 384,000 square foot office park and was 30% occupied at the time of purchase. After increasing occupancy to 100% with a strong credit tenant, Everest sold the asset in June 2015 for 2.5x its original purchase price.
Fountain Hills Plaza. Fountain Hills, AZ
In March 2012 Everest purchased a construction loan collateralized by a 111,289 square foot Class A grocery-anchored shopping center in Fountain Hills, AZ. The seller was a national bank and the loan was performing at the time of purchase. In October 2013 the property was sold and the loan was paid off at par, producing an equity-like opportunistic return on an unlevered basis.
Commercial Land Loan. Phoenix, AZ metro area
In February 2013 Everest purchased a note secured by a 90+ acre parcel with freeway frontage in metropoliltan Phoenix, AZ. The seller was a large regional bank.