PHOENIX-A 73,377 square foot, three-story office building at 4950 S. 48th St. in Cotton Corporate Center has been sold to Mutual of Omaha Bank for $11,593,566 or $158.00 per square foot.
The class A building was built in 2008 and has been awarded a LEED-certified green building designation by the U.S. Green Building Council. The property features top-end finishes, high ceilings, an open floor plan and a generous parking ratio.
Lee & Associates principals Craig Coppola and Andrew Cheney represented Yarvek LLC of Phoenix, the seller of the property.
“This transaction reflects the market’s appetite to buy quality real estate,” Cheney said.“ He also noted the increasing volume of office property sales transactions over the past two quarters that has risen from $66 million to $227 million.
The property features an outstanding location at 48th St. & Cotton Center Boulevard with easy access to Interstate 10, SR 143, U.S. 60 freeways and Phoenix Sky Harbor International Airport.
Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, office, land and investment sectors of the Phoenix commercial real estate market. The Phoenix office was established in 1991 and is now recognized as one of the most successful brokerage firms in the state.