PHOENIX, ARIZONA -- CBRE announced the sale of North Loop 101 Building D, an 88,696-square-foot, Class A office building in Phoenix, to Idaho-based Stafford Holdings for $22.1 million ($249 PSF).
CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller, Los Angeles, California-based Regent Properties. Blake Hupfer of Premiere Property Group, LLC represented the buyer.
Located at 19820 N 7th Ave, North Loop 101 Building D is a two-story, Class A office property located in the North Loop 101 business park in Phoenix’s Deer Valley submarket. It is 100 percent leased to two tenants, with 95 percent of the property serving as the corporate headquarters for energy construction company Centuri Construction Group, Inc., a subsidiary of Southwest Gas. The remainder is occupied by Pacific Western Bank.
“We continue to see very strong demand from investors looking for properties that have long-term, creditworthy tenancy in well-located, infill locations,” said Mast. “North Loop 101 checked all of the boxes for the buyer and will continue to provide reliable cashflow for years to come.”
He added, “We continue to see new investors earmark Phoenix as their top destination for office investment, and we expect this trend to continue for the foreseeable future.”
North Loop 101 is visible from and easily accessible via the Loop 101 Freeway, providing an easily accessible and commuter-friendly location.