The West

Phoenix, AZ

Offering Memorandum

The Offering

Key Facts

Address 2445 West Dunlap Avenue Phoenix, AZ 85021
Building Size ±80,925 square feet
Site Area ±6.5 acres (±283,059 square feet)
Percent Leased 99% to three education organizations
Year Built / Remodeled 1996 / 2005, 2009, & 2023
Parking ±6.3 per 1,000 square feet (509, of which 14 are handicap accessible)
Zoning Walkable Urban Code T5:5
Located in an Opportunity Zone

Investment Summary

Colliers, as exclusive advisor, is pleased to present the opportunity to acquire The West at 2445 W Dunlap (the “Property”), a ±80,925 square foot, ±6.5-acre campus that is 99% occupied by three educators. Brookline College, a nursing and allied health services school, anchors The West and occupies 73% of the campus. The Property is also home to prominent locations for the Arizona State School for the Deaf and Blind as well as Soar Education.

Centrally located in an Opportunity Zone and adjacent to Interstate 17, a major freeway corridor, and a short walk from a Valley Metro light rail station, the site provides convenient access to more than 2.7 million residents within a 30-minute drive.

This Property offers investors a significant opportunity to enjoy stabilized, reliable income from institutional-quality educators with complementary tenancy; along with future upside through below market rents and transit oriented development opportunities.

Offering Highlights

• STABLE CASH FLOW – TREMENDOUS UPSIDE - This campus has been Brookline’s flagship Arizona campus for more than 16 years; Soar Education just entered into a 10-year term; and Arizona State School for the Deaf and Blind (“ASDB”), began its occupancy in 2024 on a five year term. Average rents are 18.5% below market, with all renewal options at market rates, offering near-term stability and an excellent opportunity for tremendous cash flow growth and value appreciation.

• FLEXIBLE EXIT STRATEGIES - While an investor can enjoy stabilized cash flow through institutional-quality, essential education providers, the generous ±6.5-acre site is a great redevelopment site now or well into the future due to its zoning for medium to high density under the Walkable Urban Code, and being short walk to a light rail station within an Opportunity Zone.

• IDEAL OCCUPANTS FOR THIS TRADE AREA - The West’s central location in a densely populated area offers easy access to a large student base, with convenient connections to Greater Phoenix via freeways, arterials roads, and a nearby light rail station.

• EASY, STRATEGIC ACCESS - More than 2.7 million people can reach this centralized location within a 30-minute drive via easy access to Interstate 17, a major highway in Greater Phoenix and the newly completed Metro Light Rail Station adjacent to The West.

• WELL DESIGNED CAMPUS, EASY ACCESS, AND CONVENIENT PARKING - Students, visitors and employees enjoy the well-designed campus, which offers easy site circulation and safe access from Dunlap Ave at a signalized intersection, as well as via Townley Ave. The site’s generous parking surrounds the building on three sides.

• WALKABLE URBAN CODE ZONING UNLOCKS FUTURE REDEVELOPMENT POTENTIAL - The site has already been reclassified as The Walkable Urban Code, T5:5, by the City of Phoenix through Zoning Case 113-23, paving the way for prime future medium to high density, mixed use redevelopment should an owner opt for a higher and better use beyond its current educational occupancy. Being within an Opportunity Zone provides enhanced incentives for future development.