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June 15, 2024
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Suburban Office Park in Phoenix Goes for Over $200/sf


West 101 Business Center, a 118.9k sf, multi-tenant suburban office park in Phoenix, was acquired for $24.7 mil ($208/sf) by Higley Project LLC, a Wyoming-based investor. The property, located at 1830, 1840 and 1850 N 95th Lane in the West Valley trade area, was sold by Humphreys Capital.

Built in 2006 and situated on nearly 10 acres, West 101 Business Center conisists of three single-story, brick exterior buildings, featuring high ceilings, lots of glass for natural light, and ample parking. The property is situated immediately northeast of the junction of Interstate 10 and Loop 101.

The property is conveniently located near the Gateway Crossing Shopping Center, Gateway Pavilions Shopping Center, the Westside Sports Complex and Avondale Auto Mall. It was 87% occupied at the time of sale.

Steve Lindley, Eric Wichterman, Alexandra Loye and Mike Coover of Cushman & Wakefield represented the seller in the deal. According to Lindley, the asset has a strong occupancy performance history, with tenants attracted to the single-story configuration with easy drive-in/drive-out convenience.

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