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.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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