PHOENIX—North Loop 101 Business Center, a class-A, multi-tenant business park has been sold, according to CBRE. The sale price was $41.75 million and is comprised of four buildings, 950, 960 West Behrend Dr. and 19810, 19820 North 7th Ave.
Dan Calihan, Ashley Brooks, Pat Feeney and Rusty Kennedy with CBRE's Phoenix office negotiated the sale on behalf of the seller, a subsidiary of RREEF Property Trust. The buyer was AR North Loop LLC, an entity formed by Regent Properties of Los Angeles. Brooks will continue to lease the property on behalf of the new ownership.
Brooks tells GlobeSt.com: “This is Regent Properties' third acquisition in North Phoenix along the 101 freeway. They understand the demand for class-A space in the submarket and have been very aggressive in positioning themselves as an owner of premier properties in the area. North Loop 101 fits in nicely with their recent acquisitions of Desert Ridge Corporate Center and Corridors Corporate Center."
The property was 86% leased at the time of the sale with three vacant spaces. Major existing tenants include L-3 Communications, NPL Construction and National Dentex Corporation, among others. Located in the Deer Valley submarket and situated in one of the Valley's deepest labor pools, North Loop 101 Business Center allows tenants to draw employees from a variety of markets, including North Scottsdale, Deer Valley, Kierland, MetroCenter, Midtown and Arrowhead.
“The Valley's investment climate continues to improve, and we saw a significant amount of interest in the property,” said Calihan. “There is a lack of high-quality, vacant office space in the Deer Valley submarket that also offers high parking ratios. The buyer should see significant return on investment as they lease up the remaining vacant space.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
