Companies Buying for Future Growth Signals Bullish Outlook

Phoenix, Arizona –  Two East Valley businesses have recently purchased office condominiums with an eye for future growth.  Condominiums at Chandler Gateway Office Park and Pointe Office Suites both have recently been sold to expanding users.

“The companies each have bought sizable suites with immediate plans to lease out extra space that later will accommodate their planned growth,” says Phil Wurth, executive vice president of Colliers International in Greater Phoenix.  “This signals a bullish economic outlook from small and mid-sized companies.”

222 West Pointe, LLC, an Arizona limited liability company, has acquired the Pointe Office Suites at 2221 W. Baseline Rd. in Tempe.  The company has plans to operate a real estate investment company from the suites in addition to managing the executive suites business. As the company grows, it will expand into more of the 4,839-square-foot space.  Constructed in 2003, the building was purchased for $832,308.  Wurth represented the landlord, Bedford Falls Property Management, LLC in the transaction.  Sean Lieb of Cushman & Wakefield represented the buyer.

SFH IV, LLC has purchased an office condominium at 4015 W. Chandler Blvd. in Chandler.  The limited liability corporation was formed by Sprowles CPA firm as part of the company’s plans for future growth.  Built in 2007, the office condominium was sold for $825,000.  The buyer will lease a portion of the 4,998-square-feet to another tenant and expand into more space as the accounting firm grows.  Wurth was the sole broker involved in this transaction.

Cushman & Wakefield Negotiates Sale of Park West

PHOENIX, Arizona – Cushman & Wakefield announced today that Park West, located at the northwest corner of Loop 101 and Northern Avenue in Peoria, Arizona, sold for $34.45 million to San Diego-based CIRE Investments, LLC.

Greg Valladao, Brad Douglass, Chris Hollenbeck and Sean Lieb of Cushman & Wakefield represented the seller, Park West, LLC in partnership with The Howard Hughes Corporation of Dallas, Texas.

Recently constructed and anchored by a 14-screen Harkins Theatre, Park West is a 46-acre mixed-use center with entertainment, restaurants, traditional retail and service commercials. As an upscale destination in the West Valley, the center is home to tenants such as Flemings Steakhouse, BJ’s Brewhouse, Grimaldi’s Pizza, Victoria’s Secret, Bath & Body Works, The Joint and Vivaldi Salon.

“Park West presented the opportunity to purchase a meticulously constructed and maintained mixed-use center with tremendous upside in a region experiencing exceptional growth,” according to Valladao.

Located on the Peoria/Glendale border in Metro Phoenix, the property includes an additional 18-acres of development land. Excluded from the sale, but within the 74-acre Park West site, is Vue Park West a luxury three-story multifamily community comprised of 260-units that is walkable to the retail, restaurants and entertainments options.