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9/27/24
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Gateway Executive Center, a 39.9k sf office property in Phoenix, was acquired by an Arizona based private investor, MJA Investments Inc, for $9.05 mil ($227/sf). The multi-tenant, two-story building is located at 1048 N 44th St.
The building was originally developed in 2006 and has meticulously been kept up to date with renovations in 2017 and again from 2021 to 2023. It features a unique rooftop deck including a bar, grilling station and views of Camelback Mountain. The building was 100% leased at the time of sale.
The property is positioned near several freeways, offers immediate access to Loop 2002, and boasts a strategic location on the border of downtown Tempe and the North Airport/44th Street submarkets. The location provides easy access to Tempe’s Mill Avenue Entertainment District, a live-work-play hotspot.
Eric Wichterman, Mike Coover and Chris Toci with Cushman & Wakefield’s Private Capital Markets in Phoenix represented the seller, a private investor based in Hawaii. According to Coover, the property is one of a handful of small buildings in the Gateway trade area that perfectly cater to tenants under 10k sf, a segment that since 2019 has remained active—even at the height of the pandemic and at a more bustling pace since.
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