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.”

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