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July 7, 2020
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$17 Mil Buys Phoenix Office Building


Arcadia Gateway Center, a four-story, 90.2k sf Class A multi-tenant office building in Phoenix, sold for $17.25 mil ($191/sf). The property is located at 4222 E. Thomas Rd, east of Hwy 51 and north of Hwy 202.

Constructed in 1999 and currently 96% leased, Arcadia Gateway Center provides 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 msf of retail within one mile.

Eric Wichterman, Mike Coover and Tim Whittemore of Cushman & Wakefield Phoenix represented the seller, MIG Real Estate LLC, in the transactio. McAlister Cleary of Marcus & Millichap repped the buyer, Clayton A. Varga, trustee of the Varga Revocable Trust.

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.”

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