2420 Baseline RdTempe, AZ 85283

Property Details for 2420 Baseline Rd

Year built

2005

Construction

CONCRETE

Lot size

8.84 AC

Property size (Sq ft)

104,508 SF

Zone code

LID

Property type

Healthcare properties

Property subtype

Medical offices

APN

123-22-610

APU

12322610

Description

This exceptional investment opportunity presents a fee-simple ownership of the Celerion R&D Portfolio, encompassing two strategically located buildings totaling 233,565 net rentable square feet on a 15.3-acre lot in Tempe, Arizona. The property is currently 100% occupied under a master lease with Celerion, a globally recognized contract research organization specializing in complex clinical services for pharmaceutical and biotechnology companies. The absolute NNN lease, commenced July 1, 2015, has a remaining term of 5.6 years, with a lease expiration date of June 30, 2030. The lease includes annual rent bumps of 2.00% and four 5-year renewal options, providing significant long-term stability and predictable income. Built between 1973 and 2006, these facilities serve as Celerion's sole North American clinical research facilities, representing a mission-critical asset for their operations. The properties boast hospital-grade finishes, emergency generators, and specialized storage, reflecting a substantial investment by the tenant. The Tempe location offers proximity to leading hospital campuses, fostering strategic partnerships for ongoing clinical research. This offering presents a rare opportunity to acquire a high-quality, mission-critical asset with a strong tenant and significant remaining lease term, offering below-market rent and substantial upside potential. The property is located at 2420 W Baseline Rd, Tempe, AZ 85283.

• CAP approach

  CAP return

  Valuation

  6%

  $16,262,147

  6.5%

  $15,011,213

  7%

  $13,938,983

• Comparable approach

  Method

  Valuation

  Relative Method

  $16,109,908

  Geo Method

  $16,109,908

• Alternative Use

  Use

  Valuation

  Residential

  $18,613,904

  Hospitality

  $17,050,236

  Educational

  $14,185,596

  Medical

  $14,673,460

  Retail

  $22,066,482

Location Insight

City

Tempe

County

Maricopa

State

Arizona

Latitude

33.3792

Longitude

-111.975

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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