CBRE has facilitated the $22.5 million sale of a two-building, 124,308-square-foot flex industrial office portfolio in Phoenix’s Deer Valley submarket. The buyer is a private investor.
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CBRE’s Geoffrey Turbow, Anthony DeLorenzo and Ashley Brooks represented the seller, Regent Properties.
Located within the North Loop 101 Business Center, the single-story buildings occupy 7.22 acres and were constructed in 2001.
- 950 West Behrend Drive spans 76,101 sq. ft., with 45,085 sq. ft. leased to American Defense Structures LLC and 31,016 sq. ft. of office space slated for conversion to flex.
- 960 West Behrend Drive offers 48,207 sq. ft. of flex-lab-office space, home to tenants including Super Star Car Wash HQ, Paradise Behavioral Health LLC and National Dentex.
The property benefits from immediate access to Loop 101 and proximity to over 550,000 sq. ft. of retail and dining at Deer Valley Towne Center.
“Deer Valley remains one of Phoenix’s most resilient submarkets,” said Turbow, senior vice president at CBRE. “The buyer saw long-term value in the strong tenancy, strategic location, and upside potential of 950 and 960 West Behrend Drive.”
Turbow added, “Our team’s dynamic ability to source capital, particularly from 1031 exchange buyers, continues to be a key differentiator in unlocking value for our clients and driving successful outcomes in competitive environments.”
