(Editor’s note: News releases are published unedited unless they contain factual errors.)
Phoenix – February 13, 2017 – CBRE has recently completed the sale of Desert Canyon 200, a 98,761 sq. ft. office space located at 2421 W. Peoria Avenue in Phoenix, Arizona. The buyer was G2 Capital, based in Scottsdale, Arizona. The seller was REEF Desert Canyon LLC, managed by Washington Capital Management, based in Seattle, Washington.
Barry Gabel, Chris Marchildon, Jim Bayless and Ashley Brooks with CBRE’s Phoenix office represented the seller. Total consideration for the transaction was $10.55 million.
“We are excited to add to our holdings along the I-17 Corridor,” said James Greaves with G2 Capital. “Desert Canyon 200 is a fantastic building with great access to a large labor pool.”
Matrix Absence Management, a subsidiary of Tokio Marine Group, has already leased 69 percent of the office space. The disability and worker’s compensation firm will utilize its space at Desert Canyon 200 as the company’s U.S. headquarters. CBRE’s Bayless and Brooks negotiated that lease and will continue to handle the marketing and leasing of the property’s remaining unoccupied space.
Desert Canyon 200 is positioned within the three building, ±22 acre, Desert Canyon Corporate Campus. The property is centrally located less than 1/4 mile east of the full diamond I-17 Freeway interchange with Peoria Avenue and only one-mile north of abundant shopping and dining options including the ±1.4 million square foot Metrocenter Mall.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.