Newmark Aids in Flip of Gilbert Office Asset

The 149,321 square-foot office complex, The Reserve at San Tan sold for $53.1 million ($355/ft). The project, built in 2020 is situated on 12.78 acres, right off the Loop 202 Freeway.

The property comprises two, three-story office buildings connected by a common area tenant amenity lounge. Additionally the buildings offer a coffee bar and conference facilities.

Newmark’s team was led by CJ Osbrink, “The offering generated significant investor interest as a result of its best-in-class new construction…it’s location on one of the most attractive submarkets in the Phoenix area and status as one of the newest and highest-quality office projects in the region.”

The seller was Orsett Properties, and the buyer was West Valley Properties, Inc.