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Phoenix Office/Medical Campus Gets New Owner in $18 Mil Deal

2/08/22

The Brookstone, a two-building, 126.5k sf (288/sf) office and medical campus in the heart of Midtown Phoenix, was purchased by a San Diego-based investor for $18.2 mil ($144/sf).

The two buildings, located at 340 E Palm Lane and 2025 N 3rd St, are comprised of 63.1k sf and 63.4k sf, respectively. The Brookstone features courtyards, koi ponds, balconies, common areas and multi-tenant suites. The property has had an average 89% occupancy over the past five years, including such tenants as Honor Health, Signature Dental Partners, Alzheimer’s Association and The Florence Immigration and Refugee Rights Project.

The Brookstone’s central location in the Los Olivos Historic District provides tenants access to the Central Business District, hotels, museums, theaters, and restaurants. The property is also in proximity to Sky Harbor International Airport, Downtown Phoenix, Footprint Arena and Chase Field.

CBRE’s Geoffrey Turbow, Gary Cornish, Matt Pourcho, Anthony DeLorenzo and Bryan Johnson represented the seller in the transaction.

"The Brookstone is an exceptional property that drew significant buyer demand within a few weeks of marketing,” said Turbow. “The majority of the interest came from Southern California, including the buyer, a San Diego-based 1031 exchange investor who bested five other bidders. This buyer went non-refundable upon the opening of escrow."

Phoenix office leasing activity for the 4th Quarter 2021 was up as evidenced by the metro’s overall 314.2k sf of positive net absorption and more specifically suburban positive net absorption of 472.8k sf, according to CBRE research.






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