Phoenix, Arizona – CBRE Group, Inc., has completed the sale of a 39,950-square-foot office space located at 15601 North 28th Ave. in Phoenix. The property, which is located in the Arizona Business Park in the I-17 Corridor, commanded a sale price of $4.26 million ($107 PSF).
Ashley Brooks of CBRE’s Phoenix office represented the seller, Arizona-based Paramount Partners LLC. Beth Jo Zeitzer and Justin Cirell with R.O.I. Properties represented the buyer, Arizona-based Research Building, LLC.
“This property presented a unique opportunity to the user as Arizona Business Park occupancy continues to increase with blue-chip office tenants and medical headquarters for Arizona Endocrinology Center and Retinal Consultants of Arizona,” said Brooks.
Research Building, LLC is headed up by Dr. Joseph Gimbel, who will oversee multiple activities during the new acquisition. One task includes overseeing the relocation of Arizona Research Center, an award-winning clinical trial facility that has collaborated on close to 1,000 trials since its inception in 1997. The new property will enable the facility to expand its reach to Valley residents. He will also oversee the relocation of Phoenix Orthopaedic Surgeons, which will move its headquarters to the property, which boasts two certified operating rooms.
Built in 1996, the two-story building is ideally situated along the I-17 in proximity to an abundance of master-planned communities, restaurants and hotels. It is easily accessible via major transportation routes, including Loop 101 to the north, connecting the property to many parts of the Valley.