CBRE has completed the sale of Crossroads Corporate Center located at the northwest corner of I-17 and Bell Road in metropolitan Phoenix. The ±105,107-square-foot office/flex building commanded a sale price of $7.18 million.
Barry Gabel, Chris Marchildon, Ashley Brooks, Jim Bayless and Jenny Aust with CBRE’s Phoenix office negotiated the sale between the buyer, a joint venture between Scottsdale-based Everest Holdings and Chicago-based Walton Street Capital, and the seller, Pittsburgh, Penn.-based Kossman-Phoenix Limited Partnership. Brooks, Bayless and Aust will also handle the marketing and leasing of the property, which is currently vacant.
“Crossroads Corporate Center offers a significant opportunity for additonal value,” said CBRE’s Gabel. “With 105,107 square feet of contiguous space and the possiblity of a second level, the property has excellent lease-up potential and should be met with much demand from users in the market.”
Crossroads Corporate Center was built in 1987 and renovated in 2009. The property sits on ±11 acres and features multiple points of ingress and egress. With ±24’ clear height, abundant glass-line, a large floor plate and eight per 1000 parking ratio, Crossroads Corporate Center is an ideal option for employers with heavy parking needs who are also looking for the open-concept, modern work space today’s employees demand.
“Crossroads Corporate Center offers potential tenants an excellent opportunity for customization of the space; the property is a blank slate,” said CBRE’s Brooks. “The space could be leased to a number of different user-types with a variety of needs. It has excellent potential for a traditional corporate user or could be utilized by a company looking to create modern, flexible workspace with a mix of collaborate and private office space and common/recreation areas for employees.”
The property benefits from proximity to the intersection at the I-17 and Loop-101 Freeways as well as full visibility from I-17 and two access points to the frontage road, which allows for easy access to labor markets, amenities, and residential developments. The property is accessible to 1.49 million people within a 30 minute drive and offers 1.5 million square feet of retail and restaurant amenities within a five-mile radius.