PHOENIX—CBRE has completed the sale of Gateway Four, a 137,069-square-foot, single-tenant office building, located at 444 N. 44^th St. in Phoenix. The property is fully leased to State Farm Insurance and commanded a sale price of more than $22.9 million.

Tom Adelson and Jim Fijan with CBRE's Phoenix office negotiated the sale. The buyer was Kansas City, Missouri-based VanTrust Real Estate, LLC. The seller was LBA Realty of Irvine, CA.

“This was a great opportunity for VanTrust to acquire a quality, class A asset at well below replacement cost in one of the most active office submarkets in metro Phoenix,” says CBRE's Adelson. “In the last few months alone the 44^th Street corridor and Airport areas have seen several leases of 10,000 sq. ft. or greater, and we expect that type of activity to continue.”