CBRE announced the sale of a 175,225-square-foot, two-building, Class A office park located at the northwest corner of Loop 101 and 19th Avenue in Phoenix. Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller, Granite Deer Valley Holdings, LLC, based in Newport Beach, California. A joint venture between Everest Holdings of Scottsdale, Arizona, and Blue Vista Capital Management of Chicago purchased the property for $23.6 million.
“Deer Valley Office Park is an attractive, well-located Class A office property that offers an investor tremendous growth potential in addition to a stable, high-quality tenant roster,” said CBRE’s Gabel. “The area is home to numerous corporate locations thanks to an abundant workforce and convenient freeway access that links the property with the greater Phoenix metro area.”
Located at 20410 and 20430 N. 19th Ave., the two-building, two-story office property was built in 2001, offers abundant parking, and is positioned on ±10.6 acres in Phoenix’s amenity-rich Deer Valley submarket. Current tenants include D.R. Horton Homes, OneGuard, AllianceMed, Ebix Health Exchange, Inc. and Southwest Concrete Paving Co. The property also features energy-efficient dual-pane tinted glass, prominent signage and abundant covered parking. Nearby transportation access is provided via the interchange at 19th Avenue and Loop 101 while Interstate 17 is located one-half mile west.