The 501 Gateway office building, located at 501 N. 44th St., has been sold by Milwaukee real estate firm Irgens for $18 million. The four-story building, spanning over 102,305 square feet and built in 1997, was purchased by a private group of investors. At the time of the sale, it was already occupied by tenants to an extent of about 82%.
Irgens was represented in the transaction by Eric Wichterman, Chris Toci and Mike Coover from Cushman & Wakefield while Erik Robbins from Robbins Advisors LLC acted as the buyer’s representative.
According to reports from Phoenix Business Journal , this is not the first successful sale facilitated by Cushman & Wakefield in this submarket as they have previously closed deals on two other buildings – Gateway Executive Center (1048 N.44th St.) which spans over approximately39,912 square feet and is fully leased; and Gateway Medical Building (690 N.Cofco Center Drive) which covers an area of77 ,386 square feet but only had a leasing rate of35% due to its distressed state as a medical facility. These properties were sold at $227 per square foot and $93 per square foot respectively.
