PHOENIX, Arizona – CBRE has arranged the $7.65 million ($125 PSF) 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.
Situated on 3.76 acres, the property has been fully leased to a government entity since 2004. 16212 North 28th Avenue was constructed in 1980 and was extensively renovated in 2004 with numerous specialized tenant improvements for the tenant.
Positioned within the 1.1 million-square-foot, 100-acre, Arizona Business Park, the property is strategically located near numerous corporate employers, including Paychex, Kemper Insurance, TriWest Healthcare Alliance, Climatec, Northern Arizona University and Deer Valley Credit Union, among many others. The Arizona Business Park and surrounding Deer Valley Submarket is the preferred submarket of some of the largest corporations in the world due to the adjacency to Interstate 17 and Loop 101 Freeways. This location is accessible to 3.1 million people (70 percent of the population of Maricopa County), 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,” said CBRE’s Gabel. “Our team is grateful to be involved in the transaction.”