Phoenix, AZ - CBRE has negotiated the sale of the Missouri Falls building located at 645 E. Missouri Ave. in Phoenix, Ariz. The 187,648-square-foot, class A office building commanded a sale price of $13.89 million in the transaction.
Bob Young, Glenn Smigiel, Steve Brabant and Rick Abraham with CBRE’s Phoenix office represented Greg Williams, the court appointed receiver for the seller, Midland Loan Services, which is a subsidiary of PNC Bank. The buyer is ICIC Commercial Investments – a local investment firm managed by Kelly House, Tom Blake and Andy Ligget.
“Missouri Falls is one of the few remaining Class A office buildings featuring large blocks of contiguous, available space in the Phoenix metro area,” said Brad Anderson – also with CBRE, who will handle the marketing and leasing for the building’s new ownership moving forward. “The property’s amenity-rich location coupled with aggressive lease rates should allow ownership to be very competitive in today’s market.”
Originally built in 1988, Missouri Falls is located at the southwest corner of Missouri Avenue and 7th Street. The four-story, Class A office property features wide open, larger floor plates surrounded by a reflecting pool at window line and an underground garage. The property is located close to retail amenities and close to major freeways and should be an attractive option for larger corporate users seeking space in a central, urban location.
Missouri Falls was built by the John Madden Company who owned the building until 1993 when US Bank foreclosed on the property. US Bank sold the building to The Trump Group (Aventura, FL.) the same year. Missouri Falls was eventually sold to a tenant-in-common group in December 2004. The tenant-in-common group owned the building until October 2012, when its largest tenant, CSK Auto, moved out of the building vacating 150,000 square feet. Debt payments on the building ceased and Midland Loan Services had the property placed into court ordered receivership. Greg Williams, the receiver, hired CBRE to dispose of the asset in April 2013.
Young, Smigiel, Brabant and Abraham can be reached at (602) 735-5555.