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12/01/20
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TriWest Corporate Headquarters Campus, a four-building, 121.5k sf office property in Phoenix, was purchased by an East Coast-based private buyer. The price was not disclosed.
Located at 15810, 15820, 15830 and 16010 North 28th Ave, the property is situated on 12.34 acres within the 100-acre Arizona Business Park in the Deer Valley submarket. The asset is 100% leased to TriWest Healthcare Alliance, which has occupied the property since 2003 and recently renewed their lease.
The property is near Interstate 17 and the Loop 101 Freeway, providing access to 70 percent of Maricopa County within a 40-minute commute. Due to its proximity to two major freeways, the Deer Valley Office Submarket has the largest concentration of professional and financial services workers in Arizona, with more than 23,000 jobs within a three-mile radius of the I-17 and Loop 101 Freeway interchange, according to CBRE research.
The area also has the highest concentration of single-tenant corporate and regional headquarter campuses in metro Phoenix. Approximately 66% of the submarket’s office space is leased to or owned by single-tenant corporate users
CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller, Irvine-based Granite Phoenix Complex Holdings. According to Marchildon, single-tenant office investment opportunities are a preferred product type due to reliable cash flow and minimal managerial oversight.
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