Irgens Sells Perimeter Center Building for $10.35 Million

Perimeter Center building

Scottsdale Building Sold to Wan Hai Lines

PHOENIX, Arizona —  Irgens – Phoenix has announced the $10.35 million ($240 PSF) sale of its Perimeter Center building at 17200 N. Perimeter Dr.  Wan Hai Lines Ltd., an Asian shipping company, purchased the property to serve as its Arizona regional offices.

The Class-A office building contains approximately 43,109-square-feet of space.  Irgens purchased the building in 2015 and undertook a major renovation to the common areas and the site improvements.  The repositioning led to strong leasing activity that increased occupancy from 45% to 100% in six months. Irgens reconfigured the site, gaining efficiency and allowing the company to retain a 2.4 acres of the original 6.54-acre site for development of a 50,000-square-foot office building in 2018.

“Wan Hai Lines operates two offices in the United States, one of which is here in Metro Phoenix,” says Jason Meszaros, senior vice president \ regional managing director of Irgens.  “This building provides an appealing opportunity for the company to own its facility and have Class A office space in the prestigious Perimeter Center community.  We are excited to have Wan Hai Lines adjacent to our future building.”

Scott Baumgarten of Cushman & Wakefield represented the buyer and Jerry Noble and Greg Mayer of Cushman & Wakefield represented the seller.

Irgens continues to actively seek strategic acquisition and development opportunities to add to its growing portfolio of commercial and medical offices in the greater Phoenix metropolitan market.


Keith Lambeth Rejoins Cushman & Wakefield from Colliers

(l to r) Keith Lambeth, Liz Collins, and Patrick Schrimsher

Jerry Noble and Greg Mayer Adding to Team Roster

PHOENIX, Arizona – Cushman & Wakefield announced that Keith Lambeth has rejoined the firm’s Phoenix office group as Executive Managing Director.

Lambeth was most recently with Colliers International and was previously with CB Richard Ellis and Cushman & Wakefield. Bringing over 30 years of experience in commercial real estate, he will be partnering with Senior Directors Jerry Noble and Greg Mayer. Liz Collins also recently joined the team from JLL and Patrick Schrimsher was brought on earlier this year from Cushman & Wakefield’s research department.

Liz Collins

“Our Phoenix office continues to grow with the best talent in the industry,” said Bryon Carney, Market Leader for Cushman & Wakefield. “Keith, Liz and Patrick have a wide-range of experience who will provide the right solutions for the team and the team’s clients – they are an outstanding addition.”

As Executive Managing Director, Lambeth specializes in land acquisitions, build-to-suits and investment acquisitions and dispositions. “It’s a privilege to join Cushman & Wakefield and team up with Jerry and Greg. Working alongside them, I know I am part of a firm and team whose focus is on the client and provides best-in-class services,” said Lambeth.

Patrick Schrimsher

Associate, Schrimsher is involved in the leasing and marketing of the team’s listings, including lease transactions and lease analysis. He is also tracking tenant activity and market trends using his extensive research background. As the team’s Brokerage & Marketing Coordinator, Collins will focus on supporting the team and clients. She will assist in leasing and sales transactions, as well as all marketing materials, projects and new business development activities.

“We are excited to see our team grow. Each of these individuals’ previous roles and experience in the industry complements our team, resources and relationships. Together, we’re well positioned to help our clients navigate the sale and leasing of office properties throughout the Metro Phoenix area,” said Noble.

Menlo Equities Purchases Thistle Landing Office Park in Phoenix

Thistle Landing aerialPHOENIX, AZ – Cushman & Wakefield, a global leader in commercial real estate services, announced today that an affiliate of Menlo Equities LLC purchased the remaining three buildings of the Thistle Landing office park located at 4801, 4805 and 4811 E. Thistle Landing Drive, Phoenix.

Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer of Cushman & Wakefield represented the seller, Torchlight Investors LLC of New York, in the disposition. No outside broker was involved.

Thistle Landing includes four single-story, Class A office buildings built in 1998. The three-building acquisition totaled 282,503 square feet. Separately, the buildings are 101,006-square-feet (4801 E. Thistle Landing); 90,944-square-feet (4805); and 90,553-square-feet (4811).

“Thistle Landing is ideally located in the explosive growth corridor of the Southeast Valley,” Toci said. “High-paying employment opportunities in the technology and medical fields are luring well-educated workers to the area to avoid congested freeway commutes.”

Menlo Equities, based in Palo Alto, CA, now owns the entire 383,509-square-foot Thistle Landing Office Park, located at 48th Street and Ray Road. It features an abundant 6/1000 parking ratio. The property is 100% leased to investment-grade and blue chip tenants Fiserv Inc., United Healthcare, DISH Network and OptumRx.

The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.