Phoenix, Arizona – CBRE announced the sale of an office property in Phoenix’s Acardia neighborhood to a group of private local investors for $2.85 million.
Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Sean Spellman, Corey Hawley and Jimmy Cornish of CBRE represented the seller in the transaction. The buyer was self-represented.
Located at 4203 E. Indian School Road, the three-story building was originally built in 1984 and was renovated in 2015. The approximately 18,000 square-foot property sits on a corner lot and features 64 parking spaces. The site is in proximity to Loop 202, Loop 101 and I-10, three major freeways that connect Arcadia to the rest of the Phoenix metropolitan area.
“Arcadia is often considered one of the most affluent communities in Arizona,” said Turbow. “This is an extremely well-located asset that will only benefit from the continued growth in the region. In acquiring this value-add office building, the new owner plans to undertake further significant renovations, which will be transformative for the surrounding neighborhood.”
Migration into Arizona has been a major driver of the region’s growth. Today, Arizona’s inmigration continues to be a powerful economic force, according to a recent CBRE research report. Between 2010 and 2019, on average Phoenix received an annual net in-migration of more than 92,000 people. These inflows – drawing a diverse set of households from a wide range of geographies – are defining the next evolution of Arizona’s economy and presage
sustained economic dynamism and growth.