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12/06/18
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Beverly Center, a single-story, 43k sf Class A single-tenant office property in Phoenix, sold for $6.75 mil ($157/sf). The property, located at 8181 S. 48th St, was acquired by Beverly Holdings LLC, out of Woodland Hills.
Beverly Center, constructed in 1997, is currently 100% leased to Ancora Education, a post-secondary school with locations in Arizona, Colorado, Texas, Louisiana, Georgia, North Carolina, South Carolina and Pennsylvania. Situated on a five-acre parcel, the property features a highly efficient office layout with a large floor plate and durable concrete tilt-up construction combined with extensive glass line.
Beverly Center lies at the foothills of the South Mountain Park & Preserve along 48th Street, just south of Baseline Road. Near immediate freeway access is enjoyed from both the I-10 freeway and the S-R 143.
Eric Wichterman and Mike Coover of Cushman & Wakefield Phoenix, along with Rick Lee and Conner Lee from Lee & Associates, represented the buyer and the seller, Orsett Properties LLC, in the deal.
“This highly sought after investment opportunity garnered tremendous interest from investors across the country. A long term lease, combined with an attractive yield and intrinsic value, translate to a sound purchase for this all-cash buyer,” said Wichterman.
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