CBRE Facilitates Two Sales in Phoenix and Tucson

CBRE negotiated the all-cash sale of two single-tenant properties in Phoenix and Tucson, totaling $5.65 million. A buyer undergoing a 1031 exchange purchased a single-tenant medical office building in North Phoenix and a single-tenant industrial building in Tucson. CBRE’s Geoffrey Turbow and Anthony DeLorenzo represented the sellers in the transactions.

Turbow and DeLorenzo represented Phoenix Pediatrics in the $3.25 million sale of 4735 East Union Hills in Phoenix, Ariz. The 8,600 sq. ft. office building was built in 2003, and Phoenix Pediatrics will continue to occupy the facility. Located off Tatum Blvd., the property benefits from easy access to essential services such as pharmacies, other medical specialists and emergency services.

The 13,671-sq.-ft.-industrial property at 102-120 West 29th Street in Tucson, Ariz., is fully leased to Tucson Foods Inc. The Tucson-based company has a long-term lease on the property. Initially built in 1991 and 2001, the property was completely updated in 2021, featuring a modern design with a single-story layout. The property has three exterior docks and features 20-foot clear heights. Turbow and DeLorenzo, along with Tim Healy, represented Diamond Ventures in the $2.40 million transaction.

"The buyer, who is a repeat buyer of the firm, was involved in a 1031 exchange, and we introduced them and their broker, Kevin Quick, to two of our current listings that perfectly matched their purchase requirements, completing the exchange,” said Turbow, senior vice president at CBRE. “The sellers have taken pride in owning these assets, maintaining a strong rapport with the tenants. The buyer's interest in continuing positive partnerships and supporting the future success of the tenants was appealing to the sellers."