CBRE has arranged the $20.5 million sale of The Forum at Gilbert Ranch, a 92,453-square-foot Class A office and medical campus in Gilbert, Arizona. Forum at Gilbert, LLC, a private Midwestern buyer, acquired the property from Denver-based EverWest Real Estate Investors.
Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix represented the seller in the transaction. Jeff Stein and Jeff Harris of CBRE Debt & Structured Finance in Houston arranged the financing for the buyer.
“CBRE has been instrumental throughout the process, from bringing the building from 15 percent to just over 93 percent occupancy to executing a quick and thoughtful marketing campaign that resulted in an attractive sale price,” said Amr Ceran, market leader for EverWest Real Estate Partners in the Phoenix region.
The five-building campus features one single-story building and four two-story buildings. The campus offers modern construction and improvements, subterranean and covered parking with a parking ratio of 4.4. spaces per every 1,000 square feet, excellent ingress/egress and abundant on-site amenities. The property is easily accessible from the Loop 202 freeway via Val Vista and Williams Field. San Tan Village, the area’s premier regional outdoor shopping center, is less than a mile from the property.
The Forum at Gilbert Ranch was 93 percent leased at the time of sale to a variety of finance, real estate, coworking and medical tenants.
Located at 1472,1482,1528 and 1530 E. Williams Field Road and 2314 S. Val Vista Drive in Gilbert, the property is situated in Phoenix’s East Valley, where more one-third of the metro’s net absorption took place in 2018 and nearly one-third of the metro’s residents live, according to CBRE Research. Home to various large corporate and technology tenants, the region has had more than 3.3 million square feet of positive absorption since 2013.
“The Forum at Gilbert Ranch is a high-quality asset that is uniquely positioned in one of the fastest growing markets in metro Phoenix and the country,” said CBRE’s Turbow. “The property provides the buyer with stable cash-flow and attractive upside potential, with in-place rents approximately 8 percent below market. Our marketing process resulted several offers and we continue to see out of state capital as the most aggressive capital today.”
CBRE’s Jamie Swirtz and Bruce Suppes will lease the property on behalf of new ownership.