North Central office buildings in Phoenix sell for $10.4M
Cushman & Wakefield announced that Arizona-based East Missouri LLC has purchased the East Missouri Office Buildings for $10.4 million.
Eric Wichterman, Mike Coover, Bob Buckley, Tracy Cartledge, Steve Lindley, Ben Geelan, Chris Toci and Chad Littell of Cushman & Wakefield’s Capital Markets Group negotiated the sale.
East Missouri Office Buildings, located at 711 and 777 E. Missouri Ave. in North Central Phoenix, contain 83,845 square feet of office space. The property was constructed in 1980 and is currently 92% occupied.
“This office property is situated in the dynamic revitalization zone of North Central Phoenix,” said Mr. Wichterman. “Urban renewal is taking place along this corridor from Northern Avenue to Midtown. We are witnessing resurgence in the area that appears in the form of adaptive re-use projects, infill residential development and new multifamily projects. These developments and the addition of cutting-edge restaurants throughout the corridor have made this location a focal point for businesses that see the upside of leasing in such an energetic area. It is the ideal time to be purchasing this project and reaping the benefits of its location.” The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.