PHOENIX, ARIZ. – CBRE has completed the $6.4 million sale of West 101 Gateway, a 50,040-square-foot office property located at 9520 W. Palm Lane in Phoenix. The value add offering was 96 percent leased to office and medical tenants, with an additional 19,411 square feet of space that will be coming available in the building at year’s end.
Barry Gabel, Chris Marchildon and Will Mast with CBRE Capital Markets, Institutional Properties in Phoenix, represented the seller, Founder’s Properties, LLC of Minnetonka, Minn.
“West 101 Gateway garnered a myriad of interested investors due to the quality of improvements, large site area, expansive parking field, strong historical occupancy, frontage along the Loop 101 Freeway and most notably, the leasing upside due to the pending availability,” said CBRE’s Marchildon.
Positioned on ±5.48 Acres, West 101 Gateway features large flexible floor plates, high-end finishes and design and a ±9/1,000 parking ratio. The property offers excellent visibility and proximity to the Loop 101 freeway and provides easy access to housing, entertainment, prominent retail centers and the 317-bed Banner Estrella Medical Center.