Cushman & Wakefield announced today the firm has represented the seller in the disposition of Westmount Place, a 57,915-square-foot, midrise multi-tenant office building in the central business district (CBD) of Phoenix, Arizona. The building was acquired by a Scottsdale-based Private Investor for approximately $4.4 million.
Eric Wichterman and Mike Coover with Cushman & Wakefield’s Private Capital Group in Phoenix handled the transaction on behalf of the seller via live auction in partnership with Ten-X, Nabila Nanji and Jim Palmer.
“This was a rare value-add office investment opportunity in which were able to procure nearly 20 offers,” said Eric Wichterman, Executive Managing Director. “The building is well occupied but expected to be vacant early next year creating the potential for a variety of extraordinary tenant and owner/user options for this ‘suburban-style’ building, including a single-occupancy.”
Built in the mid 1980s, Westmount Place is located at 3010 North 2nd Street, at the hard corner of Catalina Drive. The four-story building is situated on a more than 1.5-acre parcel, and features excellent visibility, secured subterranean parking, and walkable transportation and amenities. The property is situated one block from the fully renovated Park Central, a 46-acre mixed-use development serving as Midtown’s primary amenity hub. It is also just one block from the Metro Light Rail and a short drive to Interstate 10.
Mike Coover, Managing Director, added, “The property offered outstanding investment fundamentals and exceptional value and is positioned at the heart of Midtown’s premier one-half mile strip. The trade area is in the midst of a revitalization that has added thousands of new apartments and a multitude of new restaurants and amenities.”