CBRE announced the sale of a 175,225-square-foot, two-building, Class A office park located at the northwest corner of Loop 101 and 19th Avenue in Phoenix. Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller, Granite Deer Valley Holdings, LLC, based in Newport Beach, California. A joint venture between Everest Holdings of Scottsdale, Arizona, and Blue Vista Capital Management of Chicago purchased the property for $23.6 million.
“Deer Valley Office Park is an attractive, well-located Class A office property that offers an investor tremendous growth potential in addition to a stable, high-quality tenant roster,” said CBRE’s Gabel. “The area is home to numerous corporate locations thanks to an abundant workforce and convenient freeway access that links the property with the greater Phoenix metro area.”
Located at 20410 and 20430 N. 19th Ave., the two-building, two-story office property was built in 2001, offers abundant parking, and is positioned on ±10.6 acres in Phoenix’s amenity-rich Deer Valley submarket. Current tenants include D.R. Horton Homes, OneGuard, AllianceMed, Ebix Health Exchange, Inc. and Southwest Concrete Paving Co. The property also features energy-efficient dual-pane tinted glass, prominent signage and abundant covered parking. Nearby transportation access is provided via the interchange at 19th Avenue and Loop 101 while Interstate 17 is located one-half mile west.
Ashley Brooks and Jim Bayless with CBRE’s Phoenix office are providing the leasing for Deer Valley Office Park.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
