Cushman & Wakefield announced today that 5055 E. Washington Street in Phoenix, sold to Toronto-based investor Realscape Asset Holdings for $11.75 million. The seller was Irgens Development Partners of Phoenix.
Cushman & Wakefield’s Eric Wichterman, Mike Coover, Bob Buckley, Steve Lindley, Tracy Cartledge and Adam Tolson represented both parties during the sales transaction.
Located at the midpoint between the 44th Street Corridor and Tempe North, 5055 E. Washington Street is a transit-oriented, 51,809 square foot, Class A office building. The three story, high image office building was built in 2008 and has an adjacent two-story parking structure. The property features extensive floor-to-ceiling glass lines and private balconies capitalizing on the views of the historic Tovrea Castle, Papago Buttes and Camelback Mountains. The building was 100% occupied at the time of sale.
“Nearly 60% of the building’s tenant spaces are improved with award winning, best-in-class creative office build outs that are both vastly desired in the marketplace yet high affordable within 5055 E. Washington when compared to similar space in nearby downtown Tempe,” said Executive Managing Director Eric Wichterman. “Further, the scheduled completion of a light rail station at the west end of the property will further enhance its appeal in the marketplace.”