{"id":1004741438,"date":"2024-12-19T04:32:46","date_gmt":"2024-12-19T12:32:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004741438"},"modified":"2024-12-19T04:32:49","modified_gmt":"2024-12-19T12:32:49","slug":"irgens-sells-phoenix-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/irgens-sells-phoenix-office-asset\/","title":{"rendered":"Irgens Sells Phoenix Office Asset"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/501-N-44th-Street.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004741439\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/irgens-sells-phoenix-office-asset\/501-n-44th-street\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/501-N-44th-Street.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1711566474&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"501 N 44th Street\" data-image-description=\"&lt;p&gt;Exterior shot of 501 Gateway in Phoenix.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The 102,305-square-foot 501 Gateway came online in 1997 and went through a capex improvement program. Image courtesy of Cushman &#038; Wakefield&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/501-N-44th-Street.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/501-N-44th-Street.jpg\" alt=\"Exterior shot of 501 Gateway in Phoenix.\" class=\"wp-image-1004741439\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/501-N-44th-Street.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/501-N-44th-Street.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/501-N-44th-Street.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">The 102,305-square-foot 501 Gateway underwent renovations in 2016. <em>Image courtesy of Cushman &amp; Wakefield<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A group of private investors have acquired 501 Gateway, a 102,305-square-foot, recently renovated office building in Phoenix, for $18 million. Irgens previously owned the asset, according to CommercialEdge information. Cushman &amp; Wakefield represented the seller. <\/p>\n\n\n\n<p>The property was 82 percent leased to a diverse tenant mix at the time of sale, including Knight Management and the County of Maricopa.<\/p>\n\n\n\n<p>Irgens had purchased the asset for $17 million in 2016, the same source shows. A $16.1 million loan from Western Alliance Bank financed the acquisition.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/phoenix-office-markets-small-wins-add-up\/\">Phoenix Office Market\u2019s Small Wins Add Up<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>That same year, the 1997-completed property at 501 N. 44th St. underwent cosmetic renovations. The four-story building features floorplates averaging 25,500 square feet and structured parking with a parking ratio of 5 spaces per 1,000 square feet. Amenities include a contemporary lobby and a caf\u00e9 with indoor and outdoor patio seating.<\/p>\n\n\n\n<p>The transit-oriented property is some 2 miles from Phoenix Sky Harbor International Airport. Downtown Phoenix is roughly 6 miles southwest.<\/p>\n\n\n\n<p>Cushman &amp; Wakefield Executive Managing Directors Eric Wichterman and Chris Toci, along with Managing Director Mike Coover, brokered the deal on behalf of Irgens.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-phoenix-office-sales-remain-steady\">Phoenix office sales remain steady<\/h2>\n\n\n\n<p>Phoenix\u2019s office investment volume year-to-date as of November reached $1.1 billion, according to a recent <a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report\/\">CommercialEdge report<\/a>. Assets traded for $164 per square foot on average, slightly below the $179 national figure.<\/p>\n\n\n\n<p>In the metro&#8217;s largest transaction of the year so far, <a href=\"https:\/\/www.commercialsearch.com\/news\/hines-sells-phoenix-office-asset-for-nearly-100m\/\">Wide Open Excursions acquired<\/a> 24th at Camelback II for $97.9 million. Hines sold the 306,877-square-foot Class A asset.<\/p>\n\n\n\n<p>More recently,<a href=\"https:\/\/www.commercialsearch.com\/news\/u-haul-acquires-phoenix-office-tower\/\"> U-Haul paid $23.7 million for 20 E. Thomas Road<\/a>, Arizona\u2019s third tallest office tower. The deal marked the largest owner\/occupier office sale in the Southwest since early in the pandemic. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>This recently renovated property previously traded in 2016.<\/p>\n","protected":false},"author":3355,"featured_media":1004741439,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,1601,15],"tags":[32799,37091],"class_list":["post-1004741438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-phoenix","category-west","tag-cushman-wakefield","tag-irgens"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Irgens Sells Phoenix Office Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Irgens has sold 501 Gateway, a recently renovated office building in Phoenix, for $18 million in a deal brokered by Cushman &amp; Wakefield.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/irgens-sells-phoenix-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Irgens Sells Phoenix Office Asset\" \/>\n<meta property=\"og:description\" content=\"Irgens has sold 501 Gateway, a recently renovated office building in Phoenix, for $18 million in a deal brokered by Cushman &amp; Wakefield.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/irgens-sells-phoenix-office-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-19T12:32:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-19T12:32:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/501-N-44th-Street.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/irgens-sells-phoenix-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/irgens-sells-phoenix-office-asset\/\",\"name\":\"Irgens Sells Phoenix Office Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/irgens-sells-phoenix-office-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/irgens-sells-phoenix-office-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/501-N-44th-Street.jpg\",\"datePublished\":\"2024-12-19T12:32:46+00:00\",\"dateModified\":\"2024-12-19T12:32:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412\"},\"description\":\"Irgens has sold 501 Gateway, a recently renovated office building in Phoenix, for $18 million in a deal brokered by Cushman & Wakefield.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/irgens-sells-phoenix-office-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/irgens-sells-phoenix-office-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/irgens-sells-phoenix-office-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/501-N-44th-Street.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/501-N-44th-Street.jpg\",\"width\":1000,\"height\":750,\"caption\":\"The 102,305-square-foot 501 Gateway came online in 1997 and went through a capex improvement program. 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