Cushman & Wakefield, a global real estate services firm, recently helped broker the sale of Goodyear Financial Center, a multi-tenant office building in the city of Goodyear.
A two-story, 44,127-square-foot property that is currently 95% leased, the office sold for approximately $9.2 million to Goodyear Alliance LLC, an entity formed by a group of private investors based in Seattle, Washington.
Eric Wichterman, Mike Coover, Steve Lindley and Alexandra Loye with Cushman & Wakefield’s Private Capital and Capital Markets team in Phoenix represented the seller, Jokake Development Services, in the transaction.
“Goodyear Financial Center presented the opportunity to purchase one of just six office buildings in the booming West I-10 submarket,” said Wichterman, vice chairman. “Unprecedented growth during the past several years propelled the West Valley to the No. 1 position in the Metro Phoenix area for industrial and residential development.
“As a result, demand for office space in the area surged, rapidly transforming any available space in these existing buildings into a rare commodity. The lease rates that Goodyear Financial Center fetches have, and should continue to, increase handsomely in the face of these fundamentals.”
Originally built in 2001, the seller recently completed a light renovation of the property, which included updating the lobby with modern furnishings, refreshing the common areas, remodeling the restrooms, upgrading several building systems, and constructing significant new tenant improvements. The building also features an existing outdoor patio with a seating area.
The building is conveniently less than 1 mile south of Interstate 10 and is proximate to the new Loop 202 and Loop 303 freeways. The building offers extensive frontage and monument signage on the hard corner of Van Buren Street and Litchfield Road — both major arterial roads.
Goodyear Financial Center can be found at 250 N. Litchfield Road, Goodyear.