CBRE has negotiated the sale of Northgate Corporate Centre located at 2625 W. Grandview Rd. in Phoenix, Ariz. The ±131,850-square-foot, single tenant class A office building commanded a sale price of $22.825 million.
Jim Fijan and Will Mast with CBRE’s Phoenix office negotiated the transaction. The seller was Najafi Companies, an international private investment firm based in Phoenix. The buyer was Los Angeles-based Griffin Capital Corporation, a privately-held investment and management company.
“With this purchase, Griffin Capital continues to be a major player for single tenant acquisitions in the Metropolitan Phoenix market,” said Fijan. “The asset checked all of the boxes on their acquisition criteria.”
Northgate Corporate Centre is 100 percent leased to Houston, Texas-based Waste Management, Inc. The waste management services company, which is the largest in the U.S., has approximately 10 years remaining on the current lease term. The building serves as a national call center with supporting functions. The space is state of the art with high ceilings, special lighting and backup power. The building also features an onsite café, high tech training centers and a fitness center. Included is a new 3 story parking structure for the tenant’s exclusive use. The property boasts a 7.5/1,000 square foot parking ratio.
Originally developed by Opus West in 2008, Northgate Corporate Centre sits on 13.37 acres subject to a long-term ground lease with the Arizona State Land Trust, which expires in 2095.