Phoenix, Ariz. – CBRE negotiated the $8.3 million sale of a single-story office building located at 16402 N. 28th Ave. in Phoenix. The 51,860-square-foot building is fully leased on a long-term basis to Alliance United Insurance, a wholly owned subsidiary of Kemper Corporation, one of the nation’s leading insurers offering auto, home, life and health insurance. The buyer, Corsair Management, LP, acquired the property from Alliance United Partners, LLC.
Barry Gabel, Chris Marchildon, Will Mast, Corey Hawley and Jimmy Cornish with CBRE’s Phoenix office represented the seller in the transaction.
“The offering provided investors with the opportunity to acquire a newly improved single tenant office property with a leading insurance tenant,” said CBRE’s Marchildon. “The property was enticing to numerous buyers for its new building improvements and long-term escalating cash flows in a robust Deer Valley submarket poised for continued appreciation.”
Fully renovated in 2018, 16402 North 28th Avenue is located in Phoenix’s Deer Valley submarket, providing an amenity rich environment with convenient access to shopping, restaurants and hotels. The property is positioned on nearly 4.4 acres within the Arizona Business Park and includes ample employee parking with immediate access to the I-17 freeway via two full diamond interchanges at Bell and Greenway roads.
“The professional support from Chris, Corey and their teams at CBRE added significant value to the process, helping ensure a positive outcome by dramatically easing the burden on ownership,” said David Mandel with Alliance United Partners.