Newmark brokered the sale of the two-building workplace property.
Orsett Properties has bought The Reserve at San Tan, a two-building workplace complicated in Gilbert, Ariz., to West Valley Properties Inc. Newmark brokered the $53.1 million transaction for the vendor.
The 149,321-square-foot, three-story Class A workplace property at 355 E. Germann Highway dates again to 2020. The multi-tenant buildings are linked by a standard tenant amenity lounge. The asset options inventive workplace finishes, convention amenities and lined floor parking spots.
The Reserve at San Tan sits on a 12.8-acre web site within the Southeast Valley submarket, providing entry to Loop 202 (Santan Freeway). The location is positioned 4.8 miles from downtown Chandler, Ariz., and 29 miles of downtown Phoenix. The tenants can profit from a number of eating choices and greater than 1.2 million sq. ft of retail area at Crossroads Towne Heart, positioned throughout the property.
Butler Design Group is the structure agency behind the challenge, whereas Phoenix Design was accountable for inside design. Newmark’s Capital Markets workforce main the sale included Government Managing Director Charles Osbrink, Managing Director Scott Scharlach and Co-Head of U.S. Capital Markets Kevin Shannon. Newmark’s Government Managing Director & Market Chief Mike Garlick has been appointed by the client to supervise leasing.
Phoenix workplace funding shines
Earlier this 12 months, one other workplace asset modified arms inside the Phoenix metro. Alturas Gainey Ranch purchased Gainey Ranch City I & II, two workplace properties totaling of 126,516 sq. ft, in Scottsdale, Ariz. Gainey Ranch City Properties Inc. bought the asset for $33 million.
Greater than 2.8 million sq. ft of workplace area traded throughout Phoenix within the first quarter of 2022, based on CommercialEdge. The metro’s workplace deal quantity amounted to just about $875 million within the first quarter of the 12 months, representing greater than double the quantity recorded within the first three months of 2021. One among this quarter’s high-profile gross sales was Monarch Various Capital and Tourmaline Capital Companions’ acquisition of The Esplanade, a deal valued at $385 million.
