California Investor Acquires Phoenix Office Asset
- Nov 19, 2019
Jevan Capital has sold Pueblo Nuevo, a multi-tenant property, for almost $12 million. The buyer was GMK Assets Corp., a private investor from Beverly Hills, Calif. Cushman & Wakefield brokered the deal on behalf of the seller. The complex underwent major renovations between 2016 and 2018.
The new owner financed the transaction with a $5.7 million mortgage from Woodmen of the World Life Insurance Society, set to mature in 2034, according to the Maricopa County recorder. The asset last changed hands in 2016, when Jevan Capital bought it from Cuna Mutual Group for $7.2 million.
Located at 301 E. Bethany Home Road in Phoenix, Pueblo Nuevo is a 95,810-square-foot office park comprising five 31-year-old buildings, according to Maricopa County records. It sits on a 5-acre parcel and neighbors a variety of restaurants and retail centers.
The brokers negotiating the deal on behalf of Jevan were Eric Wichterman and Mike Coover, from Cushman & Wakefield’s Phoenix office.