June 2, 2020
Merit Properties Group divested a 61,304-square-foot single-tenant office building in Phoenix for $7.65 million. The unnamed buyer was a fund managed by a Chicago-based investment management firm.
The Deer Valley submarket asset is located at 16212 N. 28th Ave. and situated on 3.76 acres within the 1.1-million-square-foot, 100-acre, Arizona Business Park. The property, which has been fully leased to a government entity since 2004, was constructed in 1980 and was extensively renovated in 2004 with numerous specialized tenant improvements for the tenant.
CBRE’s Barry Gabel, Chris Marchildon and Will Mast arranged the sale. “Although the transaction commenced previous to COVID-19, the buyer and seller both stood tall and were steadfast with their execution and performed as promised, with a seamless closing,” Gabel said.
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