CBRE Group, Inc., has completed the sale of 1405 N. Fiesta Blvd. in Gilbert, Ariz. Barry Gabel, Chris Marchildon, Brian Raczynski, Tim Watters, Evan Koplan and Mike Parker with CBRE’s Phoenix office represented the seller. The buyer was Abington Emerson Investments, based in Los Angeles, Calif. Total consideration for the sale was $5.5 million.
“Fiesta property in Gilbert is the third acquisition for Abington Emerson Investments in Arizona after the Paradise Hills Shopping Center in Phoenix and the Shops at Sossaman Plaza in Mesa,” said Brent Howard, who leads Abington Emerson’s acquisitions, sales and management in the U.S. Southwest region. “We are very excited about our growing commercial real estate portfolio in the state and will continue looking for the value-add opportunities in the area.”
Originally constructed in 1998 as a multi-tenant general industrial building, the 73,283-square-foot, single-story property is positioned on a 5.2-acre site and is currently occupied by Orbital ATK for office operations. The property offers full air conditioning, grade-level loading and truck well loading, 22-24-inch clearance height, and three primary glass-lined lobby entries. The property is in proximity to major East Valley arterial roadways and freeways with access to U.S. 60, Baseline Road and Country Club Drive.
CBRE will retain the leasing for the property post-closing.