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PHOENIX — CBRE has brokered the sale of a single-tenant office building located at 16212 N. 28th Ave. in Phoenix’s Deer Valley submarket. Merit Properties Group sold the asset to a fund managed by a Chicago-based investment management firm for $7.6 million.
Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal.
Situated on 3.8 acres, the 61,304-square-foot property has been fully leased to a government entity since 2004. The building was constructed in 1980 and extensively renovated in 2004, with numerous specialized tenant improvements.