The asset consists of two multi-tenant office buildings totaling 90,688 square feet and sold for $16.75 million. The buyer was PE, LLC out of Corona (Greater Los Angeles) California. The complex located at 1430 & 1440 E Missouri Avenue was 92% leased to a variety of office users.
Eric Wichterman and Mike Coover with Cushman & Wakefield’s Private Capital Group in Phoenix handled the transaction on behalf of the seller, 1440 Missouri Partners, LP, controlled by Phoenix-based Jevan Capital.
“This is a superb garden-style office complex located in a prime infill hot-spot of Phoenix,” said Eric Wichterman, Executive Managing Director. “Originally developed in the 1980s, The Fordham’s unique and classic architecture has earned it ‘landmark’ status. The seller also completed an extensive and tasteful multi-million dollar interior/exterior renovation in 2018 that included new tenant improvements invested in over two-thirds of the project’s suites. Each of these factors, combined with its strong occupancy, provided an attractive investment with excellent potential for long term growth.”
Mike Coover, Executive Director, added, “The two-story property also features large interior lobbies with grand staircases, and spacious common area courtyards providing outdoor areas for employees to work, collaborate or relax—an ideal configuration to meet social-distancing needs in today’s market.”