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June 23, 2024
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AZ Office Asset Trades in $14.5 Mil Transaction


Palm Valley Office Park III, a 60.4k sf, multi-tenant Class A office property in Goodyear, AZ, sold for $14.5 mil, or $240/sf. The asset, located at 1626 N Litchfield Rd in Phoenix’s West Valley market, was acquired by Goodyear 1626 LLC, a Greenwich, CT-based investor.

Built in 2007, Palm Valley Office Park III is a three-story, low-rise Class A office building situated on 5.2 acres. The high-image building features prominent visibility along McDowell Rd and is positioned within a half-mile of Interstate 10. The property is also surrounded by an abundance of walkable quality retail dining and shopping amenities.

The seller, Southern California-based Pacifica Palm Valley Center LLC, was represented by Eric Wichterman and Mike Coover of Cushman & Wakefield. Mike Kitlica of Cushman & Wakefield repped the buyer.

“The explosive industrial and residential boom that the combination of the newly completed Loop 303 and the Loop 202 South Mountain Freeways have fueled has rapidly ignited population and job growth in the West Valley,” said Wichterman. “In the wake of this surge, the need for office and medical space in the West Valley to service all of the new jobs and residents has intensified exponentially.”

“This is a top tier office asset located in the explosive West Valley trade area,” added Kitlica. “The building is 93% leased to a very attractive and stable tenancy which also caters to the surrounding market. Furthermore, the limited amount of comparable office space available within a five-mile radius has elevated Palm Valley Office Park III’s appeal and potential upside as an investment.”

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