Cassidy Turley sold Sky Harbor Towers, a ±273,623-SF class-A office project at 4605, 4615, 4635 East Elwood Street in Phoenix. Orsett Properties, Ltd, purchased the property for $12.1M ($42.66/psf) from REO Asset Manager, John Mitchell, of LNR Partners (Miami Beach, FL), as special servicer. Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover, with Cassidy Turley’s Capital Markets Group negotiated the transaction for both parties.
According to Eric Wichterman, ―Sky Harbor Towers represents the largest block of available office space in the metropolitan Phoenix area.
“Tenants seeking office space to accommodate heavy parking–and who find appeal in prominent freeway visibility–will realize superb value in this campus by avoiding the more costly and time consuming build-to-suit option,” Wichterman says.
The newly named Orsett Sky Harbor Gateway was built in phases between 1986 and 1999 and consists of three separate buildings, varying from three, four and seven stories on 12 acres of land. The project is located along Interstate 10, one mile southeast of Phoenix Sky Harbor International Airport. The Cassidy Turley leasing team of Jeffery Wentworth, Michael Beall, Sean Spellman and Christopher Walker has the leasing assignment appointed by Orsett Properties.