Cushman & Wakefield of Arizona, Inc. has negotiated the $29.593 million sale of the distinctive five-building office/flex development project known as Agave Center.
Agave Business Center (55,221 rentable square feet), located at 8945 S. Harl Ave., is 71 percent occupied and enjoys one of the largest remaining blocks of potential “creative” space along the I-10 corridor.
Agave Corporate Center, located at 1711 W. Greentree Dr., is a two-story professional office building containing 86,115 rentable square feet that is 98 percent occupied. Agave Executive Center contains 78,405 RSF in three buildings, located at 17211, 1725 and 1729 W. Greentree Dr. The three buildings are 95 percent occupied.
Collectively, the five-building project was developed in 2000, accounts for 219,741 RSF, and is more than 90 percent occupied.
An entity owned by certain funds managed by Westport Capital Partners LLC, sold the project to Dornin Investment Group of Laguna Beach, Calif.
“Westport Capital Partners LLC did an exceptional job of executing its business plan several years ahead of schedule and Dornin Investment Group has been eyeing the Phoenix market for office acquisitions and was waiting for the right opportunity to enter the market,” said Chris Toci of Cushman & Wakefield.
Toci, Chad Littell, and Ryan Bartos of Cushman & Wakefield represented the seller in the transaction.