CBRE has completed the sale of the Farmers Insurance Building, a ±106,397 SF single-tenant office building located at 16001 N. 28th Avenue in Phoenix. The property, which is located in the Arizona Business Park in the I-17 corridor, commanded a sale price of $16.85 million.
Barry Gabel and Chris Marchildon, along with Ashley Brooks, Jim Bayless and Jenny Aust, of CBRE’s Phoenix office represented the seller, Newport Beach, Calif.-based Sabal Financial Group through an entity Granite Twenty Eighth Holdings, LLC. The buyer was Select Income REIT of Newton, Mass.
“This is a savvy buyer who fully understands the unique dynamics of the Arizona Business Park and the strength of the I-17 corridor,” said CBRE’s Gabel. “The tenant has been in the corridor for decades and has long been able to draw from a diverse and dynamic labor pool. This sustainable success has made Farmers Insurance an ideal tenant, and in turn, has made the property a smart investment.”
Located in the Arizona Business Park with frontage along Interstate-17, the Farmers Insurance property benefits from its location among some of the top employers in the metro area. The park has proximity to a large and diverse labor pool – over 2.43 million people within a 40 minute commute – and abundant retail amenities.
The property will be managed by Reit Management & Research LLC, Real Estate Services, which manages nearly 70 million square feet of commercial office, industrial and medical office space across the country.