CBRE Arranges Sale of Redeveloped Industrial Building in Phoenix for $5.05 Million
26 Jun 2018
CBRE announced the sale of a redeveloped industrial facility located at 2250 W. Peoria Ave. in Phoenix. The former home to the Bryman School of Arizona commanded a sale price of $5.05 million.
“Working with Cooper and Ashley, we put together a plan to redevelop the property to meet the rising demand for industrial space,” said Greaves.
In July 2017, G2 Capital acquired the 72,072-square-foot former school building and completed a six-month redevelopment of the nearly 4.28-acre site. The property now boasts 52,072 square feet of warehouse space along with nearly 20,000 square feet of Class A office space. After G2 Capital completed the redevelopment, the property entered escrow in less than three months.
“With a tightening industrial market, we identified several prospects and chose a buyer quickly,” said CBRE’s Fratt.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.