Disposal of Westmount Place Office Complex in Phoenix
Cushman & Wakefield has represented the seller of the 57,915 square foot Westmount Place midrise multi-tenant office building in the central business district (CBD) of Phoenix, Arizona in a transaction valued at US $4.4 million.
The building, which has been acquired by a Scottsdale-based Private Investor, was constructed in the mid-1980s and is located at 3010 North 2nd Street – at the hard corner of Catalina Drive.
Situated on more than 1.5-acres of land, it occupies four storys and features excellent visibility, secured subterranean parking, and walkable transportation and amenities. The property is situated one block from the fully renovated Park Central, a 46-acre mixed-use development serving as Midtown’s primary amenity hub. It is also just one block from the Metro Light Rail and a short drive to Interstate 10.
Eric Wichterman (the executive managing director) and Mike Coover (the managing director) of Cushman & Wakefield’s Private Capital Group in Phoenix handled the transaction on behalf of the seller via live auction in partnership with Ten-X, Nabila Nanji and Jim Palmer.
Wicherman comments: “This was a rare value-add office investment opportunity in which were able to procure nearly 20 offers.
“The building is well occupied but expected to be vacant early next year creating the potential for a variety of extraordinary tenant and owner/user options for this ‘suburban-style’ building, including a single-occupancy.”
Coover adds: “The property offered outstanding investment fundamentals and exceptional value and is positioned at the heart of Midtown’s premier one-half mile strip.
“The trade area is in the midst of a revitalization that has added thousands of new apartments and a multitude of new restaurants and amenities.”