CBRE Completes $51 Million Sale of Two Office Buildings

PHOENIX—CBRE left the new year behind having negotiated the sale of two premier class A office buildings in the Phoenix metro area for a total consideration of $51 million. The sale included the 175,186-square-foot building at 5090 N. 40th St. in Phoenix and the 152,081-square-foot Scottsdale Financial Center III located at 7272 E. Indian School Road in Scottsdale, for a combined 327,267 square foot investment. The buildings commanded sale prices of $26.35 million and $24.65 million, respectively.

Jim Fijan and Will Mast with CBRE’s Phoenix office brokered the transaction between Newport, Calif. based CJK Investments, who sold the building to a joint venture between Lowe Enterprises in Los Angeles and J.P. Morgan Asset Management.