PHOENIX—Cassidy Turley sold Country Club Manor, a, 89,214-square-foot, class A office project at 1221 and 1313 E. Osborn Rd. in Phoenix. Hyperion Fund of Santa Monica, Calif. purchased the REO property for $8,500,000, which equates to $95.28 per square foot, from Aetna Health Insurance, Co. Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover, with Cassidy Turley's Capital Markets Group negotiated the transaction for both parties.
According to Wichterman, “Country Club Manor is one of the premier suburban-style office buildings in the downtown north submarket and, at this basis, its new owner is well-positioned to successfully compete for tenants looking for office space in the area.”
The project is situated east of the northeast corner of Phoenix Country Club. The property includes two, two-story garden-style buildings located on 4.58-acres and features underground parking. The property was approximately 68% occupied at the time of sale.
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