Cushman & Wakefield, a global leader in commercial real estate services, announced today that Clarendon Place, located at 300 W. Clarendon Ave. in Phoenix, sold to California-based investor Brentwood Mortgage Rose Plaza/MKN for $9.37 million. The seller was the Burton Family Foundation (Daryl Burton and Jeffrey Sauter) of Phoenix.
Cushman & Wakefield’s Eric Wichterman and Mike Coover represented both parties during the sales transaction.
Located on the northwest corner of Clarendon and 3rd Avenues, Clarendon Place is a four-story, mid-rise ±90,681SF multi-tenant office building. Built in 1984, the building features a ribbon-window design with exposed aggregate concrete panels, a two-story lobby and has an adjacent parking structure. The building was 95% occupied at the time of sale.
“The powerful infill movement erupting throughout central Phoenix has renewed interest in the Midtown Phoenix on a large scale,” said Mr. Wichterman. “The submarket is attracting new businesses, condominium and apartment development and exciting amenities at a healthy pace. Clarendon Place’s location in the center of Midtown, coupled with its tremendous curb appeal, ample parking and efficient mid-rise design, make it an attractive option for prospective tenants. What’s more, the significant renovation of the two-story lobby and common areas planned by the new ownership will enhance the building’s appeal in the marketplace and spur long term growth in lease rates”