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June 20, 2024
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Phoenix Office Building Trades for Over $9 Mil


Goodyear Financial Center, a 44.1k sf, multi-tenant office building in Goodyear, AZ, was purchased by a Seattle-based private investment entity for $9.2 mil ($209/sf). Located at 250 N Litchfield Rd in Phoenix’s West Valley market, the two-story property is 95% leased to a quality tenant roster.

Originally built in 2001, the seller recently completed a light renovation of the property which included updating the lobby with modern furnishings, refreshing the common areas, remodeling the restrooms, upgrading several building systems, and constructing significant new tenant improvements. The building also features an existing outdoor patio with a seating area.

The building is conveniently less than one mile south of the Interstate 10 and is proximate to the new Loop 202 and Loop 303 freeways. The building offers extensive frontage and monument signage on the hard corner of Van Buren St and Litchfield Rd—both major arterial roads.

Eric Wichterman, Mike Coover, Steve Lindley, and Alexandra Loye with Cushman & Wakefield’s Private Capital and Capital Markets team in Phoenix represented the seller, Jokake Development Services, in the transaction. The buyer was Goodyear Alliance LLC.

“Goodyear Financial Center presented the opportunity to purchase one of just six office buildings in the booming West I-10 submarket. Unprecedented growth during the past several years propelled the West Valley to the #1 position in the metro Phoenix area for industrial and residential development. As a result, demand for office space in the area surged, rapidly transforming any available space in these existing buildings into a rare commodity,” said Wichterman. “The lease rates that Goodyear Financial Center fetches have, and should continue to, increase handsomely in the face of these fundamentals.”

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