CBRE Negotiates Sale of Whispering Wind Corporate Center
CBRE negotiated the sale of Whispering Wind Corporate Center, a 2-building, 2-story 75,050 SF multi-tenant office complex at 2205 and 2225 W. Whispering Wind Dr. in Phoenix.
Barry Gabel and Mindy Korth of CBRE’s Phoenix office represented the seller, affiliates of The Mack Company in Phoenix, the local office of New Jersey-based The Mack Company, in negotiating the $12.2M transaction. The buyer, New World Real Estate Investments I, LLC of Costa Rica, was represented by brokers in Denver.
“New World Real Estate Investments was attracted to the asset because of its long-term viability and the future growth potential of the surrounding area,” Gabel said. “Whispering Wind Corporate Center is their first purchase in Arizona.”
Since acquiring the office complex in 2011, The Mack Company increased its occupancy from 60% to 100%. In addition to its strong, stable tenant mix, the property benefits from numerous nearby restaurants, hotels and retail shops at Happy Valley Towne Center and The Shops at Norterra, and its proximity to Interstate 17 and the Loop 101.
The property is also close to several master-planned communities including Tramonto, Dynamite Mountain Ranch and Anthem.
The Mack Company, a family-owned business, engages in commercial real estate development, management and acquisitions. The company was founded in the early 1900s and is based in Fort Lee, N.J. The local office of The Mack Company established its presence in 1987 and is currently pursuing opportunities throughout Metro Phoenix.
“The Mack Company is an advocate for Arizona and its investment community, and recognized the growth potential of Whispering Wind Corporate Center,” Gabel said. “I expect the company will continue to look for other promising investment opportunities in metropolitan Phoenix in the years to come.”