Los Angeles-Based Private Investor Purchases Phoenix Office Property for $5.35 Million in Off-Market Transaction – CBRE

25 Nov 2020

2051 northern phoenix office

Phoenix – CBRE announced the sale of an office property in Phoenix to a Los Angeles-based private investor for $5.35 million.

CBRE’s Geoff Turbow represented the 1031-exchange buyer in the off-market transaction. The seller, a private investor, was represented by an outside firm.

Located at 2051 W. Northern Ave., the 30,205 square-foot building was 100 percent leased at the time of sale. The high-image property sits on a corner lot that is within two miles of I-17, a major freeway that connects the area to the rest of Phoenix.

“This transaction showcases the confidence that investors have in the future of the Phoenix office market,” said Turbow.

Migration into Arizona has been a major driver of the region’s growth. Today, Arizona’s in-migration continues to be a powerful economic force, according to a recent CBRE research report. Between 2010 and 2018, on average 270,000 people moved in each year as 178,000 left the state, a net annual increase of 92,000. These inflows – drawing a diverse set of households from a wide range of geographies – are defining the next evolution of Arizona’s economy and presage sustained economic dynamism and growth.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.