PHOENIX, Arizona – On behalf of HB Foothills Gateway, Cushman & Wakefield has closed the sale of Foothills Gateway Corporate Center located at 4505 E. Chandler Boulevard in Phoenix. Equity Advantage Inc. purchased the property for $11.5 million ($169 PSF).

Located in the prestigious Southeast Valley neighborhood of Ahwatukee Foothills, Foothills Gateway Corporate Center is a 68,198-square-foot upscale multi-tenant office building. The property was built in 1999 and features prominent frontage and signage along Chandler Boulevard, fast access to I-10 and the recently opened Loop 202 South Mountain Freeway and is surrounded by dense shopping and dining amenities. The building was 85% leased at the time of sale.

Eric Wichterman and Mike Coover of Cushman & Wakefield represented the buyer and seller in the transaction. Wichterman stated, “Foothills Gateway and the Ahwatukee trade area are ideally positioned to benefit greatly from the recent opening of the new 22-mile Loop 202 South Mountain freeway which now provides direct access to the western half of the Valley and significantly relieves I-10’s infamous congestion.”

TUCSON, Arizona – The Amazon Distribution building at 775 W Silverlake Road in Tucson in a net investment sale for $17.718 million ($358 PSF). The newly constructed 49,500-square-foot distribution center is located near I-10 and I-19 close to downtown Tucson for delivery vans.

Scanell Properties of Indianapolis, Indiana assembled the 17.3-acre parcel for Amazon in 2018 and then built the facility in 2019. The property is leased triple net to Amazon.

The investor, Silverlake NNN, LLC is an affiliate of Spitzer Engineering of New York (Michael Brunelli, manager).

Sun Corridor and the City of Tucson worked to bring the Amazon distribution building to the downtown area, in addition to the larger sister property of Amazon at the Port of Tucson and say this building was designed for what is called “the last mile” deliveries. Independent drivers come, pick up packages and take these from the distribution center to the door.

The City of Tucson building permits peg the cost of the Silverlake building to be over $4.3 million.

The listing broker was Douglas Longyear of Cushman & Wakefield in San Francisco. Edward “Teddy” Seber also with Cushman & Wakefield out of New York, represented the investor.

Tina Olson with Cushman & Wakefield | Picor has been retained locally to manage the investment for the buyer.

For more information, Longyear can be contacted at 415.677.0458.

To learn more, see RED Comp #7446.

Phoenix, Arizona – CBRE has facilitated the $4.67 million ($803 PSF) sale of the 58,134-square-foot office building located at 5800 W. Glenn Ave. in Glendale, Arizona. Keech Properties of Palo Alto, California acquired the property from the City of Glendale.

Glenn Smigiel, Bob Young, Ashley Brooks, Rick Abraham and Steve Brabant of CBRE in Phoenix represented the City of Glendale in the transaction.

The building was 88 percent leased at the time of sale to several investment-grade tenants, including the Arizona Department of Child Safety and a multinational investment bank and financial services company.

The three-story, brick veneer property is located in a designated opportunity zone in Historic Downtown Glendale. It is surrounded by numerous municipal buildings including City Hall, The Velma Teague Library, Glendale Civic Center and Murphy Park, and is adjacent to a five-level covered parking garage. Westgate Entertainment District, a six-square-mile mixed-use development that is anchored by Gila River Arena and State Farm Stadium, and Grand Canyon University are both located less than five miles of the property.