Staff Reports | Business & Construction
LevRose Commercial Real Estate announced the sale of 702 E. Osborn Road, a 35,346-square-foot, two-story office building in Midtown Phoenix, for $6.8 million.
Jason Reddington, CCIM, and Keri Davies, partners with LevRose CRE, represented the seller, 702 E. Osborn LLC, in the transaction.
The sale ranks among the larger recent owner-user office acquisitions in Midtown Phoenix. The acquisition by an owner-user, combined with the property’s existing income stream, makes the transaction a notable data point for the Midtown Phoenix office market, according to a press release.
Located at the intersection of Seventh Street and Osborn Road, across from Phoenix Country Club, the property offers visibility, monument signage, structured parking and access to State Route 51, Interstate 10 and Loop 202. The property was about 83% occupied when it was marketed and included long-term tenants that provided in-place income.
“While the office market has faced challenges over the last several years, quality assets in exceptional locations continue to attract strong buyer interest,” Mr. Reddington said. “This sale, which generated multiple offers, demonstrates that well-positioned office properties offering a combination of occupancy flexibility and stable in-place income remain highly desirable. We believe this transaction will serve as a significant market comp for owner-user office acquisitions in Midtown Phoenix moving forward.”
Built in 1984, the two-story office building and adjacent parcel include 138 parking spaces, many of them covered or located within a parking garage. The property has undergone capital improvements, including updates to common areas and renovated office suites.
The Midtown Phoenix property is within walking distance of restaurants, coffee shops and other business amenities, including Starbucks, Gadzooks Enchiladas and Soup, and Taco Guild. Its proximity to major transportation corridors has helped make Midtown Phoenix a longstanding office submarket.
The buyer, Maryam Parman of Avrek Law – AZ E Osborn LLC, was represented by Mike McQuaid and JD Marsh of Newmark.
