REBusinessOnline

CBRE Negotiates $7.6M Sale of Single-Tenant Office Building in Phoenix’s Deer Valley Submarket

16212-N-28th-Ave-Phoenix-AZ

A government entity fully occupies the 61,304-square-foot office building at 16212 N. 28th Ave. in Phoenix.

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.

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