MIG Real Estate purchased Arcadia Gateway Center, an 89,835 SF, Class-A office building in Phoenix.
Arcadia Gateway Center is located at 4222 E. Thomas Rd., in a centrally located Phoenix submarket with nearly four times the market’s average submarket net absorption resulting in one of the lowest submarket vacancy rates in Phoenix. The four-story office building features a variety of suite sizes and a three-story, detached parking structure. The building is currently 93 percent leased.
Arcadia Gateway Center tenants enjoy views of Camelback Mountain and the Phoenix Mountain Preserve, as well as proximity to Phoenix Sky Harbor International Airport and upscale shopping destinations including Downtown Scottsdale and Biltmore Fashion Park. Retail centers such as Arcadia Crossing and Desert Palm are within walking distance.
“Arcadia Gateway Center is one of the higher quality office properties along the 44th Street Corridor,” said Greg Merage, CEO of MIG Real Estate. “We plan to continue investing in Phoenix, as it is in the early stages of recovery and is expected to outperform the U.S. in terms of office employment growth and corporate investment, as highlighted by the recent announcement from State Farm to increase its workforce by 6,000 employees.”
MIG Real Estate has continued to expand its portfolio in targeted markets since 2009. Its strategic plan focuses on well-located properties with a value-add component. The company has completed approximately $850 million in acquisitions since 2009 through direct purchases of office, retail, hotel and multi-family properties in major markets, principally throughout the western United States and the Sun Belt.
Arcadia Gateway Center represents MIG Real Estate’s 19th office investment since 2009.
“Arcadia Gateway Center is one of the newest office buildings along the 44th Street Corridor and features an adjacent parking structure, a rare amenity in this submarket,” said Cushman &Wakefield’s Chad Littell. “The Class-A office provides tenants with a central Valley location, proximity to high-end shopping, and stunning views of Camelback Mountain.”
Littell, Chris Toci and Tim Whittemore of Cushman & Wakefield of Arizona represented the seller in the transaction.
