Phoenix, Arizona – CBRE announced the sale of a redeveloped industrial facility located at 2250 W. Peoria Ave. in Phoenix. The former home to the Bryman School of Arizona commanded a sale price of $5.05 million ($70 PSF).
Cooper Fratt and Ashley Brooks with CBRE Phoenix represented the seller, James Greaves of G2 Capital. Chris Keely with Phoenix Commercial Brokers represented the buyer, Candlewood Industrial Park.
“Working with Cooper and Ashley, we put together a plan to redevelop the property to meet the rising demand for industrial space,” said Greaves.
In July 2017, G2 Capital acquired the 72,072-square-foot former school building for $2.2 million ($30.53 PSF) and completed a six-month redevelopment of the nearly 4.28-acre site. The property now boasts 52,072 square feet of warehouse space along with nearly 20,000-square-feet of Class A office space. After G2 Capital completed the redevelopment, the property entered escrow in less than three months.
“With a tightening industrial market, we identified several prospects and chose a buyer quickly,” said CBRE’s Fratt.