Arcadia Gateway Center, Phoenix

July 24, 2019 Comments Off on Cali Investor Sells 100K-SF Arcadia Gateway Center Views: 358 National News, Phoenix & Southwest News, Southwest

Cali Investor Sells 100K-SF Arcadia Gateway Center

MIG Real Estate of California sold the 99,900-square-foot Arcadia Gateway Center, an office property at 4222 E. Thomas Rd. in Phoenix. The buyer, a trustee of the Varga Revocable Trust, paid $17.3 million for the asset, as part of a 1031 Exchange process.

McAlister Cleary and Kelly F. O’Dea with Marcus & Millichap represented the buyer, a first-time Arizona investor. Cushman & Wakefield’s Eric Wichterman negotiated on behalf of the seller. MIG Real Estate ended a close to six-year hold on the asset with the sale.

“Arcadia Gateway Center offers our investor a well-located, 96% occupied, stabilized investment,” Cleary said. With increasing demand and very limited new supply, office operations in Phoenix continue to improve, offering tremendous opportunities for both buyers and sellers in the market.”

Read more at Phoenix Business Journal

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