PHOENIX–MIG Real Estate of California has purchased an 89,835-square-foot, class A office building here.
Arcadia Gateway Center is located at 4222 East Thomas Road, in a central Phoenix submarket with nearly four times the market's average submarket net absorption resulting in one of the lowest submarket vacancy rates in Phoenix.
The four-story office building features a variety of suite sizes and a three-story, detached parking structure. The building is currently 93% leased.
Arcadia Gateway Center tenants enjoy views of Camelback Mountain and the Phoenix Mountain Preserve, as well as proximity to Phoenix Sky Harbor International Airport and upscale shopping destinations including Downtown Scottsdale and Biltmore Fashion Park. Retail centers such as Arcadia Crossing and Desert Palm are within walking distance.
“Arcadia Gateway Center is one of the higher quality office properties along the 44th Street Corridor,” said Greg Merage, CEO of MIG Real Estate. “We plan to continue investing in Phoenix, as it is in the early stages of recovery and is expected to outperform the U.S. in terms of office employment growth and corporate investment, as highlighted by the recent announcement from State Farm to increase its workforce by 6,000 employees.”
MIG Real Estate, Newport Beach, CA, has continued to expand its portfolio in targeted markets since 2009. Its strategic plan focuses on well-located properties with a value-add component.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
