PHOENIX, Arizona – Cushman & Wakefield announced that MIG Real Estate LLC sold Arcadia Gateway Center. Clayton A. Varga, trustee of the Varga Revocable Trust, purchased the property located at 4222 E. Thomas Road in Phoenix for $17.25 million ($191 PSF).
Arcadia Gateway Center is a four-story, 90,225-square-foot Class A multi-tenant office building. Currently 96% leased and constructed in 1999, the building offers a three-story parking structure, building signage, large L-shaped floor plates and fast access to Sky Harbor International Airport and the Loop 101, 51, 143 and 202 Freeways. Ideally positioned west of the northwest corner of Thomas Road and 44th Street, the property is in close proximity to over 75 restaurants and over 3 million square feet of retail within one mile.
Eric Wichterman, Mike Coover and Tim Whittemore of Cushman & Wakefield Phoenix represented the seller in the transaction and McAlister Cleary of Marcus & Millichap represented the buyer.
Wichterman stated, “Arcadia Gateway has achieved impressive leasing success and is a proven force in the northern portion of the 44th Street Corridor. The new ownership will enjoy reliable cash flow and healthy lease rate growth as the property continues to thrive due to a collection of strong fundamentals, including its close proximity to the prestigious Arcadia and Paradise Valley neighborhoods and a superb collection of restaurant amenities.”