Cushman & Wakefield announced today that Ahwatukee 48, located at 15905-15915 46th St. and 15920-15930 48th St. in Phoenix, sold to RW Partners, LLC of Phoenix for $11.13 million.
Senior Managing Directors Tracy Cartledge, Bob Buckley and Steve Lindley and Associate Ben Geelan facilitated the transaction on behalf of the seller, Enright Capital, LTD of Calgary.
Ahwatukee 48 is comprised of four single-story suburban office and flex buildings totaling ±87,772SF. Built in 2000, the 8.55 acre center was 86.4%% occupied at the time of sale to a well-diversified tenant roster.
“Ahwatukee 48 presented the buyer with an excellent opportunity to acquire a well performing suburban office/flex property with strong cash flow and a staggered lease rollover profile,” said Geelan.
Located in the heart of Ahwatukee, an upscale neighborhood in the Southeast Valley, Ahwatukee 48 is part of metro Phoenix’s highly concentrated area of high tech firms and strong demographics. A total of 2.6 million people, 59% of the entire Phoenix metro area, live within a 30-minute commute of the property with direct access to I-10 via a full diamond interchange at Chandler Boulevard.
“With an excellent location, flexible configuration and high quality design and construction, Ahwatukee 48 will maintain high occupancy by office, medical and flex tenants and continue to achieve competitive lease rates,” added Geelan.