Newmark brokered the sale of the two-building office property.
Orsett Properties has sold The Reserve at San Tan, a two-building office complex in Gilbert, Ariz., to West Valley Properties Inc. Newmark brokered the $53.1 million transaction for the seller.
The 149,321-square-foot, three-story Class A office property at 355 E. Germann Road dates back to 2020. The multi-tenant buildings are connected through a common tenant amenity lounge. The asset features creative office finishes, conference facilities and covered surface parking spots.
The Reserve at San Tan sits on a 12.8-acre site in the Southeast Valley submarket, offering access to Loop 202 (Santan Freeway). The site is located 4.8 miles from downtown Chandler, Ariz., and 29 miles of downtown Phoenix. The tenants can benefit from multiple dining options and more than 1.2 million square feet of retail space at Crossroads Towne Center, located across the property.
Butler Design Group is the architecture firm behind the project, while Phoenix Design was in charge of interior design. Newmark’s Capital Markets team leading the sale included Executive Managing Director Charles Osbrink, Managing Director Scott Scharlach and Co-Head of U.S. Capital Markets Kevin Shannon. Newmark’s Executive Managing Director & Market Leader Mike Garlick has been appointed by the buyer to oversee leasing.
Phoenix office investment shines
Earlier this year, another office asset changed hands within the Phoenix metro. Alturas Gainey Ranch bought Gainey Ranch Town I & II, two office properties totaling of 126,516 square feet, in Scottsdale, Ariz. Gainey Ranch Town Properties Inc. sold the asset for $33 million.
More than 2.8 million square feet of office space traded across Phoenix in the first quarter of 2022, according to CommercialEdge. The metro’s office deal volume amounted to nearly $875 million in the first quarter of the year, representing more than double the volume recorded in the first three months of 2021. One of this quarter’s high-profile sales was Monarch Alternative Capital and Tourmaline Capital Partners’ acquisition of The Esplanade, a deal valued at $385 million.
