Staff Reports | Business & Construction
Cushman & Wakefield announced the $25.25 million sale of Arrowhead Executive Center, an office property in Glendale.
The firm represented the seller, an affiliate of Woodside Health, in the transaction. The property was acquired by 17235 Piedmont LLC, according to a press release.
Eric Wichterman and Chris Toci of Cushman & Wakefield represented the seller.
“This transaction highlights the emerging demand for stabilized, high-quality office and medical assets in Phoenix, one of the nation’s top high-growth markets,” Mr. Wichterman said. “Arrowhead Executive Center’s strategic location across the street from Arrowhead Towne Center and at the core of the Arrowhead trade area—which has posted single-digit office vacancy for several years alongside accelerated rent growth—makes it a compelling option for long-term investment.”
Arrowhead Executive Center comprises 101,397 square feet of Class B office and medical space across eight buildings on approximately 12 acres of infill land.
“Another intriguing aspect of this sale is the value of the underlying land,” Mr. Toci said. “While the property is 94% leased and was acquired for continued operation as office, the price translates to ±$48 per land square foot—a highly favorable land basis for future development as multifamily or a myriad of other uses.”
Found at 17235 N. 75th Ave., Arrowhead Executive Center has access to major transportation corridors, including Loop 101 and Bell Road. Its location near public transit and major highways supports access for tenants, employees and visitors.
