PEORIA, Ariz. (May 22, 2026) – CBRE facilitated the $20.75 million sale of a newly constructed, multi-tenant industrial building totaling 75,549 square feet at 8700 North 91st Avenue in Peoria, Arizona.
CBRE’s Geoffrey Turbow represented the buyer, Trumark Real Estate Management, in the transaction. The seller was The Initial Development Company, led by principal David Baum.
“This transaction is a testament to the power of long-standing, trusted relationships in commercial real estate. Trumark Real Estate Management has been a valued client for years, and we’ve been privileged to guide them through multiple 1031 exchanges as their portfolio has grown. On the other side, our relationship with David Baum and The Initial Development Company goes back decades and runs deep, the kind of partnership built on trust, shared history, and a genuine commitment to seeing each other succeed. By connecting directly with both parties, we were able to facilitate a seamless, off-market transaction that delivered value for all involved, demonstrating CBRE’s commitment to strategic, client-focused execution,” said Turbow, Senior Vice President at CBRE.
Completed in 2024, the industrial property is fully occupied and was acquired through a 1031 exchange. Designed for multiple tenants, the building features grade-level doors to each bay, two shared loading docks, and strong visibility and signage opportunities along Loop 101.
Located within the West Valley growth corridor, the site offers immediate access to Loop 101 via the Olive Avenue interchange and is approximately seven miles north of Interstate 10, providing connectivity to the Metro Phoenix–Los Angeles transportation network. Numerous cultural, shopping, and entertainment destinations are nearby, and the property benefits from access to the Metro Phoenix labor pool.