Cushman & Wakefield has brokered the sale of the Freeway Executive Center I, a 39,601-square-foot, multi-tenant office property in the Southeast Valley of Phoenix, Arizona. Located at 10429 S 51st St, the building was acquired by Zale Holdings, LLC for $6 million. The seller was AJ Chandler Freeway Center, LLC.
Eric Wichterman and Mike Coover Cushman & Wakefield represented the seller in the transaction. The firm’s Larry Downey and Brett Thompson provided leasing advisory.
“Executive Center I a high-quality office property with billboard visibility along Interstate 10 in the prestigious Southeast Valley of Phoenix Metro,” said Eric Wichterman, Executive Managing Director. “The property is anticipated to soon be approximately 50% leased providing an attractive value-add opportunity in a premier quadrant of the Valley.”
Mike Coover added, “The property has superb access to the coveted Southeast Valley labor pool—nationally known for its dense, youthful and highly-educated population, as well as its famed technology hub, the ‘Silicon Desert’.”
Built in 2001, the two-story building provides immediate access to Interstate 10 and additional access to the Loop 202 within two miles of the property. An abundance of retail amenities surrounds the immediate neighborhood and I-10, including two regional malls and an outlet mall.