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501 Gateway Center LLC Acquires 102305 Square Foot Office Building In Phoenix For $18 Million

Property Image
SOLD
$18,000,000
Mike Coover
Eric Wichterman
Christopher "Chris" Toci

Arizona

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Office102,305 SF
Sold 12/18/2024
the dealplayerscompscontact
Property Image
SOLD

501 Gateway Center LLC Acquires 102305 Square Foot Office Building In Phoenix For $18 Million

501 North 44th Street

See Similar Deals
Office102,305 SF
Sold 12/18/2024
Mike Coover
Eric Wichterman
Christopher "Chris" Toci
the dealplayerscompscontact
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Summary

ARIZONA
Asset Type:Office
Price Per Square Foot:$175
Total Square Footage:102,305 SF
Transaction Type:Sale

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

Christopher "Chris" Toci
Cushman & Wakefield
Christopher Toci
15 deals$273.4M volume
BROKER
Eric Wichterman
Cushman & Wakefield
Eric Wichterman
26 deals$473.8M volume
BROKER
Mike Coover
Cushman & Wakefield
Mike Coover
24 deals$431.1M volume
BROKER

Details

SOLD
IMAGE: 12/18/2024 ADDRESS: 501 North 44th Street MARKET: Phoenix, AZ ASSET TYPE: Office BUYER: 501 Gateway Center LLC BROKERS: Christopher "Chris" Toci, Eric Wichterman & Mike Coover - Cushman & Wakefield SALE PRICE: $18,000,000 SF: 102,305 ~ PPSF: $176 NOTE: Cushman & Wakefield brokered the $18 million sale of 501 Gateway, a 102,305-square-foot, multi-tenant office building in Phoenix, to 501 Gateway Center LLC, a group of private investors from Washington. The seller, an undisclosed Midwest-based firm, renovated the 82%-leased property, which features a four-story parking garage and strong leasing activity despite market challenges.

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Deal Type
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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$63,950.20
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