VIZZDA--November 25th, 2013 -- Newport Beach-based
MIG Real Estate, led by Mr. Greg Merage, purchased the
Arcadia Gateway office building for $10.55M or $117.47 per square foot. CommerceWest
Bank in Irvine, CA financed the acquisition with $6.9M in new debt. The selling
entity included Mr. Ronald Eriksson and Mr. Mark Upton, a prior Provost of
Phoenix Seminary.
The entity, which represents Phoenix Seminary, purchased the
building from Orsett Properties in March of 2007 for $8,984,300 or $100 per
square foot. Phoenix Seminary has been leasing space since 2005, and signed an
85-year lease for its space in the building, per a 2009 memorandum.
The 4-story office building is located West of the Northwest
corner of 44th Street & Thomas Road and totals nearly 90K SF.
Originally developed by the Koll Company in 1999, the 2.8 acre site features a
3-story above ground parking garage with approximately 428 space.
The market for commercial real estate in Phoenix changes
every day. With end of year closings upon us, stay on top of the most current
values and active players by subscribing to VIZZDA today! Call Kris Thompson at
(480) 383-9310 or sign up for a demonstration at www.vizzda.com!
Hadden Schifman
Managing Director
Vizzda.com
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