CBRE announced the sale of a 26,174-square-foot Class A creative office building in Phoenix to a private investor for $9.75 million. At $372 per square foot, the sale sets a record for a low-rise office building in Downtown Phoenix‘s Warehouse District.
CBRE’s Geoffrey Turbow, Matt Pourcho, Gary Stache, Anthony DeLorenzo, Bryan Johnson, Doug Mack, Corey Hawley, Sean SpellmanJimmy Cornish and Gary Cornish represented the seller—Aspirant Partners, sister company of the Empire Group—in the transaction.
Located at 411 S. First Street, the two-story building is situated in downtown Phoenix’s historic Warehouse District. It was originally built in 1922 and completely renovated in 2018. The space features exposed brick walls, original double bow-truss exposed ceilings, abundant natural light, a large kitchen area and open workspaces.
The property is 100 percent leased to Scientific Technology Corporation (STC Health), a global leading health technological solution provider, providing best-in-class immunization intelligence solutions and consulting for public health organizations across the globe.
“With growth doubling the national rate, more businesses have taken an interest in the Phoenix Warehouse District, an area with increasing cachet that draws creative ventures and tech start-ups alike,” said Turbow.
Downtown Phoenix’s Warehouse District features a number of restaurants, bars, entertainment venues, galleries and workspaces and is located several blocks south of Chase Field, Talking Stick Arena and CityScape. The property has immediate freeway access to Interstate 10, Interstate 17 and State Route 51, connecting it to the Greater Phoenix Metro.
The vacancy rate for single-tenant office buildings between 10,000 and 40,000 square feet in the Downtown Phoenix submarket currently sits zero percent, according to CBRE Research.