Phoenix, Arizona — Newmark Knight Frank (NKF) announces the sale of Oakplace, located at 2255 North 44th Street in Phoenix. The 53,293-square-foot, 3-story office building on 2.15 acres was sold for $5.4 million to regional gas station and convenience store chain, QuikTrip (QT). The sale’s approximately $58-per-square-foot pricing for the land set a record for land over an acre in the 44th Street Corridor market, according to NKF Research. NKF’s Executive Managing Director Tom Adelson and Associate Director Erin McClure represented the undisclosed seller in the sale.
The buyer, QuikTrip, has plans to demolish the 1984-built building and redevelop the site into a new gas station facility. “The alternative property use at 2255 North 44th Street will benefit the surrounding community, adding to the numerous amenities within walking distance of the property, including restaurants, banking and shopping at Arcadia Crossing,” explained NKF Executive Managing Director Tom Adelson. “With less and less land available in Phoenix, we will continue to see the trend of developers looking to non-vacant sites—those with existing building—to determine how they can be repurposed in the Tempe, Scottsdale and Phoenix office markets.”
Centrally located on the major North/South artery to and from Sky Harbor International Airport and the Camelback Corridor, the site can be accessed from both 44th Street and Oak Street, with average daily traffic volume of 45,820 vehicles per day.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.