Cushman & Wakefield Closes Sales Transaction to California Investor

PHOENIX, Nov. 12, 2015 – 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 ClarendonBurton 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”

The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.

 

 

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.