A 73,377 SF, 3-story office building at 4950 S. 48th St. in Cotton Corporate Center sold for $11.6M, or $158.00 per square foot, to Mutual of Omaha Bank.
The Class A office building was built in 2008 and has been awarded a LEED-certified green building designation by the U.S. Green Building Council. The property features top-end finishes, high ceilings, an open floor plan and a generous parking ratio.
Lee & Associates Principals Craig Coppola and Andrew Cheney represented Yarvek LLC of Phoenix, the seller of the property.
“This transaction reflects the market’s appetite to buy quality real estate,” Cheney said.“ He also noted the increasing volume of office property sales transactions over the past two quarters that has risen from $66M to $227M.
The property features an ideal location at 48th St. & Cotton Center Blvd. with easy access to I-10, SR 143, U.S. 60 freeways and Phoenix Sky Harbor International Airport.