Cushman & Wakefield Brokers Phoenix Office Deal
- Sep 30, 2020
Cushman & Wakefield has arranged the $16.8 million sale of The Fordham, a two-building office park spanning 90,688 square feet in Phoenix. Executive Managing Director Eric Wichterman and Managing Director Mike Coover assisted the seller, Jevan Capital. A California-based private investor acquired the asset, which was 92 percent leased at the time of closing.
The new owner financed the purchase with a $5.9 million loan from UMB Bank, according to Maricopa County records. The property previously traded in 2015 as part of a $10.9 million portfolio transaction from AEW Management, which included an adjacent 15,066-square-foot building, Yardi Matrix data shows.
Located on 4 acres at 1430 and 1440 E. Missouri Ave., the property was completed in 1985. In 2018, Jevan Capital executed a multimillion dollar capital improvement plan on the buildings, which included both exterior and interior upgrades to more than two-thirds of the office suites. The site is within 6 miles of the city center and 7 miles from Phoenix Sky Harbor International Airport.
Last year, Jevan Capital closed the $12 million disposition of Pueblo Nuevo, a 95,810-square-foot, multi-tenant office park in Phoenix. Wichterman and Coover also represented the company in that transaction.