CBRE arranged the sale of a five-building portfolio in metro Phoenix totaling nearly 806,000 square feet for $255 million. Liberty Property Trust, a Pennsylvania-based real estate investment trust, sold the four-building Liberty Center at Rio Salado in Tempe and a single-tenant office building located at 8501 East Raintree Drive in Scottsdale to an undisclosed buyer.
Barry Gabel, Chris Marchildon, Will Mast with CBRE’s Phoenix office represented the seller in the transaction.
Developed from 2014-2018, Liberty Center at Rio Salado is a 682,406-square-foot office campus located in the highly desirable Tempe submarket at Priest Drive and Rio Salado Parkway, with visibility from the Loop 202 freeway. The property features four Class A, two- and three-story, triple-net leased office buildings positioned on nearly 41 acres. Each building features a dedicated parking structure with a parking ratio of six spaces per every 1,000 square feet. The campus is 100 percent leased to a mix of nationally and globally recognized tenants including Centene, DHL, Carvana, WageWorks and DriveTime. Brad Anderson with CBRE’s Phoenix office successfully leased the LEED Gold certified campus which is close to downtown Tempe’s numerous retail and dining options, Arizona State University’s Tempe campus and Phoenix Sky Harbor International Airport, one of the business airports in the country.
Developed in 2006, the three-story asset at 8501 East Raintree Drive features 123,340 square feet of Class A office space. Institutionally maintained, the property features large functional floorplates, unhindered views of nearby mountains and abundant structured employee parking. The building is also surrounded by world-class amenities and upscale retail destinations, offering easy access to Kierland Commons, Scottsdale Quarter and Scottsdale Airport.
“The portfolio drew significant interest from both national and global buyers including institutional investors, foreign funds, private equity firms and high net worth individuals because of the properties’ irreplaceable locations and strong credit tenancy,” said CBRE’s Gabel. “The diverse investor pool and ultimate pricing is a testament to metro Phoenix’s increasing appeal to investors of all types, from all over the globe. This transaction is a game-changer for Phoenix, confirming the strength of the Phoenix economy and that there is a long runway for continued economic growth and sustainability.”