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Cushman & Wakefield Advises Sale of The Fordham Office Complex in Phoenix for $16.75 Million

9/28/2020
PHOENIX, Ariz., September 28, 2020 – Cushman & Wakefield announced today the firm has brokered the sale of The Fordham office complex in Phoenix, Arizona.

The Fordham on Missouri

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.”

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake External Link on Twitter.

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Joshua Deale San Diego Communications Manager
Joshua Deale

Communications Manager • San Francisco

Mr. Deale leads strategic media relations and thought leadership efforts for the West Region markets, and oversees their online presence including managing article and social media efforts.