Staff Reports | Business & Construction
Cushman & Wakefield announced the firm has brokered the sale of Forty6Forty5, a 116,858-square-foot, Class A two-story office building found at 4645 E Cotton Center Blvd.
The asset was acquired by PRH XXXXV, LLC, a Delaware limited liability company formed by a high-net-worth individual, for $10,050,000, Cushman & Wakefield officials tell the Digital Free Press.
Chris Toci, Eric Wichterman and Mike Coover of Cushman & Wakefield’s capital markets and private capital teams in Phoenix represented the seller. The sale of Forty6Forty5 is the last of a three-building portfolio within the Cotton Center Business Park, according to a press release.
The buyer intends to relocate Legacy Capital Services and Shield Legal into a portion of the building while benefitting from passive income generated by existing tenants occupying ±23% of the space, the release states.
“Forty6Forty5 offered a compelling blend of immediate occupancy for an owner-user, stabilized income and exceptional construction quality,” Mr. Toci said. “The buyer was particularly drawn to the institutional-level infrastructure and creative-style tenant improvements, which include exposed ceilings, oversized break areas and a collaborative training space enclosed by a roll-up garage door.”
Cushman & Wakefield was assisted in the transaction by the property’s leasing team, Brett Thompson of JLL. Additionally, Mike Bench of Voit Real Estate Services’ Southern California office was instrumental in advising and guiding the buyer throughout the transaction.
“The building’s design featuring a central core flanked by two efficient wings offers abundant natural light and exceptional flexibility for multi-tenant or single-user occupancy,” added Wichterman. “And with over $9.4 million invested in recent renovations, including a 358-stall parking deck, Forty6Forty5 represents a turnkey headquarters opportunity in one of the Valley’s most strategic locations.”
