PHOENIX—CBRE facilitated the sale of Papago Arroyo, a three-building office complex in Tempe. The 279,503 square foot, two-story office buildings are located at 1255, 1275, and 1295 W. Washington St. in the geographic heart of metropolitan Phoenix, and the highly desirable city of Tempe office market. The asset commanded a sale price of $40.85 million.

Bob Young, Glenn Smigiel, Steve Brabant and Rick Abraham with CBRE's Phoenix office, along with Andrew Cheney and Craig Coppola with Lee & Associates, represented the seller, Greenwood & McKenzie of Tustin, CA, in the transaction. The buyer was undisclosed.

In addition to handing the investment sale, CBRE vice chairman Bruce Francis and vice president Shaun Moothart, both with the CBRE debt and structured finance team, arranged the ten-year loan on behalf of the borrower. The permanent financing included 5 years of interest-only.