Vacant asset acquired by Phoenix Rising Investments, LLC
Cushman & Wakefield has brokered the investment sale of a 61,316-square-foot flex office and industrial property in Phoenix, Arizona. Known as Riverpoint Building 2, the property is located at 3100 Broadway and was vacant at the time of sale. The property was acquired by Michael Hsiung, Founder and Owner of Phoenix Rising Investments, LLC for $9 million.
Eric Wichterman, Mike Coover, Larry Downey and Brett Thompson with Cushman & Wakefield represented the seller, BH Properties, in the transaction.
“The property’s near-immediate freeway access—with its location in the heart of the Phoenix metro freeway system and at the convergence of the Downtown Tempe, Gateway and South Airport submarkets—provides prospective tenants with superb connectivity between these major submarkets as well as the two most significant labor pools, the Southeast Valley and West Phoenix,” said Eric Wichterman, Executive Managing Director.
Built in 2002 and situated on ±5.34 acres, the single-story building is currently demised into three shell-condition suites of varying sizes and served by a recently constructed cutting-edge lobby.
Mike Coover added, “The property offers highly functional floor plates and clear heights to accommodate office, industrial and data center tenants for single or multi-tenant use.”