IRGENS PURCHASES $17M OFFICE BUILDING NEAR PHOENIX AIRPORT

Irgens – Phoenix has announced the $17 million acquisition of an office project at 501 N. 44th St.  The four-story building is located south of the Loop 202 and just off State Route 143 near Sky Harbor International Airport.

501 44th St

501 Gateway features 102,302 square feet of prime office space. Current tenants include Maricopa County and RSM International, the world’s 7th largest accountancy professional services network in the world.  The property has 31,700 square feet of vacant space . The entire 4th floor of 26,570 sf will be made available to a single tenant. The property contains ample parking, including substantial structured stalls. Irgens is in the process of significantly renovating the building façade, as well as the building lobby and amenities.

 

“This asset provides us the opportunity to build our portfolio with a prime property within a core location,” says Jason Meszaros, Vice President/Market Manager for Irgens.  “The quality of this building and its amazing location will assuredly increase in value as we lease the remaining space in this improving real estate market.”

 

Irgens acquired the property in the name 501 Gateway, LLC.  The company purchased the project from Arizona-based 501 North 44th Street, LLC.  Keith Lambeth of Colliers International represented the buyer and seller in the transaction.  Irgens has retained Lambeth to serve as exclusive leasing agent for the property.

 

Irgens continues to actively seek strategic acquisition and development opportunities to add to its growing portfolio of commercial and medical offices in the greater Phoenix metropolitan market.

 

Transaction Summary

Buyer:  Irgens.  Acquiring entity named 501 Gateway, LLC

Seller:  501 North 44th Street, LLC

Broker:  Keith Lambeth of Colliers International represented the seller.  Lambeth will serve as leasing agent for the property.

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