Commercial real estate services provider Cassidy Turley announced the $7.4 million ($80.88 per square foot) sale of Westwood Business Park, a Class B office development at 2222-2228 W. Northern Ave. in the northwest Phoenix submarket.
California-based LBK Trust III purchased the property from Nebraska-based MJA Holdings, LLC.
Cassidy Turley Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover negotiated the transaction on behalf of the seller, while Edward Nelson of Marcus & Millichap represented the buyer.
Built in 1981, Westwood Business Park is a 91,491-square-foot office complex consisting of four two-story buildings on 5.40 acres. The property is located conveniently in the heart of north central Phoenix west of 19th and Northern avenues.
Westwood Business Park is minutes from the Interstate 17 and the Loop 101 freeways and in close proximity to shopping, restaurants, hotels, high-end communities, recreational parks and corporate centers. The business park was 82 percent leased at the time of sale.