Cassidy Turley, a leading commercial real estate services provider in the U.S., announced the sale of One Agave Center, a 20,818 square foot Class A office project at 8950 South 52nd Street in Phoenix. A company formed by Houston-based Griffin Partners purchased the property for $9.8 million ($128.06/psf) from locally based One Agave LLC. Cassidy Turley Executive Managing Director Eric Wichterman, Senior Vice President Mike Coover, Executive Managing Director Mike Beall and Vice President Chris Walker negotiated the transaction on behalf of the buyer and seller.
“With the upgrades planned by its new ownership, One Agave will easily maintain its status as the only true Class A office building in the immediate trade area,” Mr. Wichterman said.
Built in 2001, Agave Center is a four-story, multi-tenant office building with spectacular views of South Mountain. The property is located on Interstate 10 near a full-diamond interchange at Warner Road. One Agave Center is within 3 miles of 3 million square feet of retail amenities and 15 minutes from Sky Harbor International Airport. The property was 60% occupied at the time of sale.