CBRE has arranged the $7.65 million sale of a 61,304-square-foot single-tenant office building located at 16212 N. 28th Ave. in Phoenix.
Barry Gabel, Chris Marchildon and Will Mast of CBRE in Phoenix represented the seller, Merit Properties Group. The buyer was a fund managed by a Chicago-based investment management firm, according to a press release.
Situated on 3.76 acres, the property has been fully leased to a government entity since 2004. The building was constructed in 1980 and was extensively renovated in 2004 with numerous specialized improvements for the tenant.
Positioned within the 1.1 million-square-foot, 100-acre, Arizona Business Park, the property is near numerous corporate employers, including Paychex, Kemper Insurance, TriWest Healthcare Alliance, Climatec, Northern Arizona University and Deer Valley Credit Union.
The release claims corporations prefer the Arizona Business Park and surrounding Deer Valley submarket because it is near Interstate 17 and Arizona Loop 101, making it accessible to an estimated 3.1 million people within a 40-minute commute.
“Although the transaction commenced previous to COVID-19, the buyer and seller both stood tall and were steadfast with their execution and performed as promised, with a seamless closing,” Mr. Gabel said in a prepared statement. “Our team is grateful to be involved in the transaction.”