PHOENIX, Dec. 4, 2018 – Beverly Holdings, LLC of Woodland Hills, Calif. announced today the purchase of Beverly Center, a single-story, 43,013-square-foot Class A single-tenant office property. The property located at 8181 S. 48th Street in Phoenix was sold by Orsett Properties LLC for $6.75 million.
Eric Wichterman and Mike Coover of Cushman & Wakefield Phoenix, along with Rick Lee and Conner Lee from Lee & Associates brokered both sides of the deal.
Beverly Center, constructed in 1997, is currently 100 percent leased to Ancora Education, a post-secondary school with locations in Arizona, Colorado, Texas, Louisiana, Georgia, North Carolina, South Carolina and Pennsylvania. Situated on a five-acre parcel, the property features a highly efficient office layout with a large floor plate and durable concrete tilt-up construction combined with extensive glass line.
Beverly Center lies at the foothills of the South Mountain Park & Preserve along 48th Street, just south of Baseline Road. Near immediate freeway access is enjoyed from both the I-10 freeway and the S-R 143.
“This highly sought after investment opportunity garnered tremendous interest from investors across the country. A long term lease, combined with an attractive yield and intrinsic value, translate to a sound purchase for this all-cash buyer,” said Wichterman.
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Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.