CBRE announced the sale of TriWest Corporate Headquarters Campus, a four-building office property in Phoenix, to an East Coast-based private buyer for an undisclosed amount, making their first investment in the Phoenix market.
CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller, Irvine, Calif.-based Granite Phoenix Complex Holdings, in the transaction.
Located at 15810, 15820, 15830 & 16010 North 28th Avenue, the 121,511-square-foot property is situated on about 12.34 acres within the 100-acre Arizona Business Park in the Deer Valley submarket. The site is 100 percent leased to TriWest Healthcare Alliance, which has occupied the property since 2003 and recently renewed their lease. The property is near Interstate 17 and the Loop 101 Freeway, providing access to 70 percent of Maricopa County within a 40-minute commute.
Due to the proximity to two major freeways, the Deer Valley Office Submarket has the largest concentration of professional and financial services workers in Arizona, with more than 23,000 jobs within a three-mile radius of the I-17 and Loop 101 Freeway interchange, according to CBRE research. The area also has the highest concentration of single-tenant corporate and regional headquarter campuses in metro Phoenix. Approximately 66 percent of the submarket’s office space is leased to or owned by single-tenant corporate users.
“The sale of the TriWest Corporate Headquarters is indicative of what investors are seeking in today’s marketplace,” said Marchildon. “Single-tenant office investment opportunities are a preferred product type due to reliable cash flow and minimal managerial oversight. The sale of this corporate headquarters campus provides the buyer with a recently upgraded facility, in a high-barrier-to-entry location, with a long-term consistent income stream and a tenant that has called this property home for nearly 20 years.”