An attorney recently bought a midtown Phoenix two-story office building for $6.8 million, making it one of the larger recent owner/user office acquisitions in midtown Phoenix.
Maryam Parman of Avrek Law bought the property from LevRose CRE. It is located at the intersection of 7th Street and Osborn Road, which sits across from the Phoenix Country Club and has convenient access to State Route 51, Interstate 10 and the Loop 202.
“While the office market has faced challenges over the last several years, quality assets in exceptional locations continue to attract strong buyer interest,” Jason Reddington, a partner at LevRose, said in a news release. “This sale, which generated multiple offers, demonstrates that well-positioned office properties offering a combination of occupancy flexibility and stable in-place income remain highly desirable.
“We believe this transaction will serve as a significant market comp for owner-user office acquisitions in Midtown Phoenix moving forward.”
The property was about 83% occupied at the time of marketing, with a strong profile of long-term tenants.
The building was built in 1984 and has an adjacent parking lot with 138 spaces, including some covered and garage parking.
The $6.8 million office building has updated common areas and renovated office suites, in addition to being within walking distance from a Starbucks, Gadzooks Enchiladas and Soup, Taco Guild and business amenities.
