CBRE has announced the sale of North Loop 101 Business Center in Phoenix. The class A, multi-tenant business park is comprised of four buildings: 950, 960 West Behrend Drive and 19810, 19820 North 7th Avenue. The property commanded a sale price of $41.75 million.
Dan Calihan, Ashley Brooks, Pat Feeney and Rusty Kennedy with CBRE’s Phoenix office negotiated the sale on behalf of the seller, a subsidiary of RREEF Property Trust. The buyer was AR North Loop, LLC of Los Angeles.
“The Valley’s investment climate continues to improve, and we saw a significant amount of interest in the property,” said CBRE’s Calihan. “There is a lack of high-quality, vacant office space in the Deer Valley submarket that also offers high parking ratios. The buyer should see significant return on investment as they lease up the remaining vacant space.”
The property was 86 percent leased at time of sale with three vacant spaces. Major existing tenants include L-3 Communications, NPL Construction and National Dentex Corporation, among others. Located in the Deer Valley submarket and situated in one of the Valley’s deepest labor pools, North Loop 101 Business Center allows tenants to draw employees from a variety of markets, including North Scottsdale, Deer Valley, Kierland, MetroCenter, Midtown and Arrowhead.