CBRE has completed the sale of Washington Business Park located at 5324-5330 E. Washington Street in Phoenix, Ariz. The ±139,196-square-foot, four-building business park commanded a sale price of $11.15 million.
Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller, BREOF AIP Phoenix, LLC of Toronto, Ontario, Canada. The buyer was Scottsdale-based CAM-10, LLC, an affiliate of Covington Asset Management, LLC.
“Despite the fact the property is not fully stabilized, Washington Business Park attracted significant interest from local, regional and national buyers,” said CBRE’s Gabel. “This property offers tremendous opportunity for investors in the form of reliable cash flow, strong credit tenancy and upside through lease-up of remaining space.”
“Washington Business Park is strategically located between the airport and Tempe and has a solid tenant lineup with nicely finished vacancies that are well positioned for lease up,” said Len Noel of CAM-10, LLC. “We are pleased to add this unique project to our existing Arizona portfolio.”
Developed in 1985 with several capital improvements made throughout the years, Washington Business Park was 72 percent occupied at time of sale. Tenants include Walgreens Drug Co., Arizona Department of Revenue and Quality Care Network, Inc. Walgreens recently expanded and extended their lease.
The property benefits from an excellent central Phoenix location and adjacency to the METRO light rail. Washington Business Park’s centralized location allows for accessibility to all major employment cores. It also features proximity to four major freeways in Loop 202, Loop 101, Interstate 10 and State Route 143.