CBRE has negotiated the sale of Union Hills Corporate Center, a 154,693-square-foot office complex located at 18444 & 18456 N. 25th Ave. in Phoenix. Area Acquisitions, LLC, an affiliate of Ascent Real Estate Advisors, an independent real estate investment firm based in New York City, purchased the multi-tenant office property from G2 Capital.
Barry Gabel, Chris Marchildon and Will Mast with CBRE Capital Markets Institutional Properties in Phoenix represented the seller, James Greaves with G2 Capital, a Scottsdale, Ariz.-based real estate investment company specializing in office and industrial properties. This is the second property CBRE’s Gabel, Marchildon and Mast have represented on behalf of G2 Capital since November, following the $14.6 million sale of Desert Canyon 200, a 99,000-square-foot three-story office building.
“G2 Capital has done a terrific job of repositioning this office property over the past seven years and increasing the occupancy from 9% at original acquisition in 2011 to 93% today,” said CBRE’s Gabel. “Ascent Real Estate’s acquisition will allow them to benefit from long term cash flow from a credit worthy tenant roster.”
Union Hills Corporate Center consists of two Class A office assets: a four-story multi-tenant building and a single-story freestanding building. The office complex is 93 percent occupied and includes tenants such as The CORE Institute, GSA, Aetna, Valley Radiologists and Cybermark. The CORE Institute, Arizona’s leading orthopedic group, occupies nearly 57 percent of the property on a long-term lease. Tenant amenities include an on-site café and conference center.
Located in north Phoenix’s highly desirable Deer Valley submarket, the complex boasts extensive visibility along the I-17 freeway and is one mile south of the Loop 101. Nearby amenities include Deer Valley Towne Center and Happy Valley Towne Center, offering 1.4 million square feet of combined retail, restaurant and hospitality space.
CBRE’s Ashley Brooks, who was responsible for leasing up the property to its current occupancy, will be retained as the leasing agent for Union Hills Corporate Center.