February 27, 2017
Riva Ridge Development, headquartered in Houston, TX, paid $26 million to acquire CBIZ Plaza in downtown Phoenix, AZ. The buyer acquired the 266,231-square-foot, two-building office complex from LNR Property Corp. Eric Wichterman and Mike Coover, with Cushman & Wakefield, brokered the transaction.
CBIZ Plaza is at 3101 and 3111 N. Central Ave., and consists of a 16-story tower, a two-story low-rise building, and six-level parking structure. The Class B property delivered in 1980, and was 78% occupied at the time of sale. The overall submarket vacancy is just over 23%.
“In addition to the tremendous growth occurring in Midtown’s multifamily and residential condominium market, the renovation of Park Central Mall and additional amenities to Central Avenue will be the powder keg that will propel Midtown to the next level. Office property abutting Park Central, such as CBIZ Plaza, will reap exceptional benefits if this were to occur; as I predict it will,” Wichterman said.
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