PHOENIX—CBRE has completed the sale of Desert Ridge Corporate Center located at 20860, 20830 and 20910 N. Tatum Blvd. in Phoenix. The institutional grade office and retail development is located in the Desert Ridge master-planned community. The asset totals 293,161 square feet and commanded a sale price of $58.6 million. The property was 75% leased at time of sale.

Barry Gabel and Chris Marchildon with CBRE's Phoenix office, along with Kevin Shannon, Ken White and Paul Jones in Los Angeles, negotiated the transaction between the buyer, Los Angeles-based Regent Properties, and the seller, FCA Partners, LLC of Charlotte, NC.

Gabel tells GlobeSt.com, “It was a good team effort. The buyer was opportunistic and took a value-add approach with the opportunity to lease the vacant space and improve rents. The location is a thriving submarket near retail that has very little vacancy. The asset has great visibility. It is also situated between the North Scottsdale and Deer Valley submarkets, allowing workers to have amenities and affordable housing options. The asset is in the path of growth from a residential perspective. There are a lot of economic drivers: retail, hotel, residential and medical.