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100K-SF Phoenix Office Building Trades for $18M
The four-story 501 Gateway office building at 501 N. 44th St. was sold for $18 million by Irgens, a Milwaukee real estate firm. The building, totaling 102,305 square feet, was acquired by a private group of investors. Constructed in 1997, it was 82% leased at the time of the sale.
Eric Wichterman, Chris Toci and Mike Coover of Cushman & Wakefield represented Irgens in the sale. Erik Robbins of Robbins Advisors LLC represented the buyer.
The Phoenix Business Journal reports the Cushman & Wakefield team has now facilitated the sale of three buildings in the Gateway submarket in 2024. The others were the 39,912-square-foot Gateway Executive Center at 1048 N. 44th St., which is 100% leased, and the 77,386-square-foot Gateway Medical Building at 690 N. Cofco Center Drive. The former commanded $227 per square foot, while the latter sold for $93 per square foot as a distressed medical building that was 35% leased.
- ◦Sale/Acquisition
