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October 27, 2021
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Phoenix Flex Building Sale Comps at $147/sf


A 61.3k sf, flex/office/industrial property in Phoenix was acquired by Michael Hsiung, founder and owner of Phoenix Rising Investments LLC, for $9 mil ($147/sf). The property, known as Riverpoint Building 2, is located at 3100 Broadway and was vacant at the time of sale.

Built in 2002 and situated on 5.3 acres, the single-story building is currently demised into three shell-condition suites of varying sizes and served by a recently constructed cutting-edge lobby.

Eric Wichterman, Mike Coover, Larry Downey and Brett Thompson with Cushman & Wakefield represented the seller, BH Properties, in the transaction. According to Coover, the property offers highly functional floor plates and clear heights to accommodate office, industrial and data center tenants for single or multi-tenant use.

“The property’s near-immediate freeway access—with its location in the heart of the Phoenix metro freeway system and at the convergence of the Downtown Tempe, Gateway and South Airport submarkets—provides prospective tenants with superb connectivity between these major submarkets as well as the two most significant labor pools, the Southeast Valley and West Phoenix,” said Wichterman.

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