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CBRE Negotiates Acquisition of Multi-Tenant Office Building in Central Phoenix

 

CBRE negotiated the acquisition of a 6,563 SF multi-tenant office building at 608 E. Missouri Ave. in Phoenix.

Chris Ackel of CBRE’s Phoenix office represented the buyer, 608 Missouri LLC of Phoenix, in its $625,000 purchase.

The seller, Pastrone 1982 Declaration of Trust of Los Gatos, Calif., was represented by Jim McCabe of Realty Executives Paradise Valley in Phoenix.

“We have seen an uptick in the price of owner/user and smaller, multi-tenant investment buildings in the 2,000- to 75,000 SF range, “Ackel said. “The price has jumped from $83.51 per square foot at the end of 2011 to $97.69 PSF today. Yet, this remains far from the market’s peak of $192.26 PSF in 2008.”

Plans call for the owner, doing business as Golden Valley Property Management, to occupy 60 percent of the building, keeping the two existing tenants and offering the balance for lease. CBRE’s Ackel has been hired to market the vacant 1,061 SF suite.

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