Irgens Adds to Portfolio with 44th Street Office Project

02.05.2016

Irgens announced the $17 million acquisition of a Phoenix office project at 501 N. 44th Street. The four-story, 102,302 SF building, which is 65 percent occupied, is located south of the Loop 202 and just off State Route 143 near Sky Harbor International Airport.

 

As reported Feb. 5, 2016 in Business Real Estate Weekly of Arizona:

 

PHOENIX – Irgens Partners, LLC in Milwaukee (Mark Irgens, CEO) paid $17 million ($166.17 per foot) to acquire an office building located at 501 N. 44th Street in Phoenix. The seller was 501 North 44th Street LLC in Greeley, Co. (Robert Noffsinger, Jr., manager). The deal was brokered by Keith Lambeth of Colliers International in Phoenix. Records show 501 Gateway LLC (Irgens entity) acquired the southeast Phoenix property with a $14 million loan from Western Alliance Bank.

 

Lambeth is leasing the project, which has 26,570 SF of contiguous space available that encompasses the entire fourth floor. In October 1999, Noffsinger’s entity paid $17.7 million ($173.02 per foot) to buy the then fully leased building. The 3.71-acre property, developed in 1999 by Kitchell Corp., is just a five minute drive from Phoenix Sky Harbor International Airport. Irgens Vice President Jason Meszaros says the company intends to refurbish the office project, with renovations planned for the building facade, lobby and other areas. Irgens previously has acquired, developed and sold office, medical office and industrial projects in the Valley. The privately held company is looking for more investment and development opportunities in the Phoenix area.

 

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