“Phoenix Office Building with 100,000 Square Feet Sells for $18 Million”

"Phoenix Office Building with 100,000 Square Feet Sells for $18 Million"

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.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

Share the Post:

Related Posts