CBRE announced the $7.3 million sale of a 55,000 square-foot office property in Phoenix.
CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller, a California-based private equity group. Greg Hopley with Colliers International represented the buyer, Goettl Air Conditioning & Plumbing.
Located at 4611 East Baseline Road, the single-story back-office property was built in 1999 and was 100 percent vacant at the time of sale. The building, which is located one mile west of the Interstate 10 Freeway, has been occupied by a single occupant since 2004. The property, which sits on 6.61 acres of land and offers an expansive parking field, was engineered and designed to accommodate a second story.
“The facility will be updated for the Arizona brand Goettl Air Conditioning & Plumbing,” said Ken Goodrich, CEO. “The Baseline facility is the perfect location for Goettl’s next chapter of growth, further building upon our incredible 82-year Arizona legacy.”
The property is located within Pointe South Mountain Business Park, which features the 640- room Arizona Grand Resort and Golf Course. It is also in proximity to Arizona Mills Mall, Sky Harbor International Airport and Arizona State University.
“The property is ideally located and will be a terrific owner-user facility for the buyer for many years to come,” said Gabel.
Added Marchildon, “The new ownership is planning on improving the property for their own use and intend on installing such features as loading doors to accommodate warehousing, interior office enhancements and taking advantage of the large site area for company vehicle storage.”
A recent survey of commercial real estate investors ranked Phoenix as a top-10 target among Americas metros. The Sun Belt market jumped five spots to #4 in CBRE’s 2021 Americas Investor Intentions Survey.