501 Gateway Center LLC Acquires 102305 Square Foot Office Building In Phoenix For $18 Million
501 North 44th Street
$18,000,000
$175/SF
Building Size
102,305 SF
Asset Type
Office
Closing
Dec 18, 2024
AI
501 Gateway is a multi-tenant office building located at 501 North 44th Street, Phoenix, AZ. The asset has a sale price of $18,000,000 and encompasses 102,305 square feet, which results in a price per square foot of $176. The property is currently 82% leased and features a four-story parking garage.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $18,000,000
- Buyer: 501 Gateway Center LLC
- Brokerage Firm: Cushman & Wakefield
- Brokers: Christopher "Chris" Toci, Eric Wichterman & Mike Coover
- Market: Phoenix, AZ
- Square Footage: 102,305
- Price per Square Foot: $176
- Leased Percentage: 82%
The sale was facilitated by Cushman & Wakefield, representing the interests of the buyer, 501 Gateway Center LLC, which is a group of private investors from Washington. The seller is an undisclosed firm based in the Midwest. The property showcases strong leasing activity despite ongoing market challenges.
Players
Phoenix Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93