Northrop Grumman 1655 E Elliot Rd 119,177 SF Office Building Gilbert, AZ 85233 $56,671,000 ($475.52/SF) 6.25% Cap Rate
INVESTMENT HIGHLIGHTS
- Industry-Leading Tenant
- New Long-Term NNN Lease with Annual Increases
- Strategic Location / Synergistic Facility
- Investment-Grade Parent Company
- Newly Constructed Institutional Quality Build-to-Suit
- Significant Tenant Investment
EXECUTIVE SUMMARY
Northmarq is pleased to exclusively offer for sale to qualified investors, the opportunity to purchase a brand new ± 119,177 SF office building located in Gilbert (Phoenix), Arizona, 100% leased to Northrop Grumman Systems Corporation under a 12-year, 4-month lease that commenced in September 2024. Rent commenced in January 2025, and the Tenant is expected to fully occupy the Property in July 2025, after completing all interior build-out and improvements valued over $30.7 million.
PROPERTY FACTS
Sale Type
Investment NNN
Sale Condition
Build to Suit
Property Type
Office
Building Size
119,177 SF
Building Class
A
Year Built
2025
Construction Status
Under Construction
Price
$56,671,000
Price Per SF
$475.52
Cap Rate
6.25%
NOI
$3,541,940
Tenancy
Single
Building Height
1 Story
Typical Floor Size
119,177 SF
Building FAR
0.29
Lot Size
9.41 AC
Zoning
CC - Community Commercial
AMENITIES
- Air Conditioning
1 of 1
PROPERTY TAXES
| Parcel Number | 302-35-545 | Improvements Assessment | $0 |
| Land Assessment | $234,041 | Total Assessment | $234,041 |
