PHOENIX—CBRE has completed the sale of the Farmers Insurance Building, a 106,397-square-foot, single-tenant office building located at 16001 N. 28th Ave. in Phoenix. The property, which is located in the Arizona Business Park in the I-17 corridor, sold for $16.85 million.
Barry Gabel and Chris Marchildon, along with Ashley Brooks, Jim Bayless and Jenny Aust, of CBRE's Phoenix office represented the seller, Newport Beach-based Sabal Financial Group through an entity Granite Twenty Eighth Holdings, LLC. The buyer was Select Income REIT of Newton, MA.
“This is a savvy buyer who fully understands the unique dynamics of the Arizona Business Park and the strength of the I-17 corridor,” says Gabel. “The tenant has been in the corridor for decades and has long been able to draw from a diverse and dynamic labor pool. This sustainable success has made Farmers Insurance an ideal tenant, and in turn, has made the property a smart investment.”
Located in the Arizona Business Park with frontage along Interstate-17, the Farmers Insurance property benefits from its location among some of the top employers in the metro area. The park has proximity to a large and diverse labor pool—over 2.43 million people within a 40 minute commute—and abundant retail amenities.
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