California investor purchases Westwood Business Park for $7.4M

first_imgCassidy Turley announced the $7.4 million ($80.88/psf) sale of Westwood Business Park, a Class B office development at 2222-2228 West Northern Avenue in the Northwest Phoenix Submarket. California-based LBK Trust III purchased the property from Nebraska-based MJA Holdings, LLC.Cassidy Turley Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover negotiated the transaction on behalf of the seller, while Edward Nelson of Marcus & Millichap represented the buyer.Built in 1981, Westwood Business Park is a ±91,491 square foot office complex consisting of four two-story buildings on 5.40 acres. The property is located conveniently in the heart of North Central Phoenix west of 19th Avenue and Northern Avenue. Westwood Business Park is minutes from the Interstate 17 and the Loop 101 freeways and in close proximity to shopping, restaurants, hotels, high-end communities, recreational parks and corporate centers. The business park was 82% leased at the time of sale.last_img

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