PHOENIX—CBRE has completed the sale of the Farmers Insurance Building, a 106,397-square-foot, single-tenant office building located at 16001 N. 28^th 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.”