Cushman & Wakefield Represents Seller in Transaction with New York Investor

PHOENIX, Oct. 28, 2015 – Cushman & Wakefield, a global leader in commercial real estate services, announced today that Northgate Business Center and Blackhawk Corporate Center I, located at the interchange of Interstate 17 and Loop 101, have been sold to a New York investor for approximately $29.5 million.

Northgate_Blackhawk Obliques Updated 8-10-2015 4Cushman & Wakefield’s Eric Wichterman, Mike Coover, Tim Whittemore and Mike Sayre represented the seller, CMLT 2008-LS1 North 29th Office, LLC, an entity of LNR Partners LLC, in the sale. REO Asset Manager Kevin Hanson, of LNR Partners (Miami Beach, FL) is special servicer. The buyer was Blackhawk Office 2-15 LLC, an entity of Cohen Equities from New York.

The Deer Valley Office Portfolio consists of Northgate Business Center, 20401 N. 29th Ave., and Blackhawk Corporate Center, a two-building complex at 2902 and 3010 W. Agua Fria Freeway. Northgate Business Center’s single building contains 138,540 square feet of office space and was constructed in 1997. Blackhawk Corporate Center Phase I is immediately west of Northgate and contains two buildings totaling 113,810 square feet. Northgate’s buildings were built in 1998.

“With occupancy of approximately 66%, the properties represented a superb opportunity to purchase an ideal combination of in-place income and significant upside potential,” said Mr. Wichterman. “Further, the acquisition enables the buyer to take advantage of Deer Valley’s growing appeal. The Deer Valley office market ranks third amongst Metro Phoenix submarkets for net absorption as of the third quarter.”

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.