Cushman & Wakefield advises Seattle investor on new asset
Staff Reports | Digital Free Press
Cushman & Wakefield brokered the sale of Goodyear Financial Center, which is a multi-tenant office building in Goodyear.
Found at 250 N. Litchfield Road in the West Valley market, the two-story, 44,127-square-foot property is 95% leased. The property sold for approximately $9.2 million to Goodyear Alliance, LLC, an entity formed by a group of private investors based in Seattle, according to a press release.
Eric Wichterman, Mike Coover, Steve Lindley and Alexandra Loye with Cushman & Wakefield’s Private Capital and Capital Markets team in Phoenix represented the seller, Jokake Development Services, in the transaction.
“Goodyear Financial Center presented the opportunity to purchase one of just six office buildings in the booming West I-10 submarket. Unprecedented growth during the past several years propelled the West Valley to the No. 1 position in the metro Phoenix area for industrial and residential development,” the release states.
As a result, demand for office space in the area surged, rapidly transforming any available space in these existing buildings into a rare commodity,” said Eric Wichterman, vice chairman at Cushman & Wakefield, in a prepared statement.
“The lease rates that Goodyear Financial Center fetches have, and should continue to, increase handsomely in the face of these fundamentals,” he pointed out.
Originally built in 2001, the seller recently completed a light renovation of the property that included updating the lobby with modern furnishings, refreshing the common areas, remodeling the restrooms, upgrading several building systems and constructing significant new tenant improvements.