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12/02/20
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A Los Angeles-based private investor paid $5.35 mil for a 30.2k sf ($177/sf) office property in Phoenix.
Located at 2051 W. Northern Ave, the building was 100% leased at the time of sale. The high-image property sits on a corner lot that is within two miles of I-17, a major freeway that connects the area to the rest of Phoenix.
CBRE’s Geoff Turbow represented the 1031-exchange buyer in the off-market transaction. The seller, a private investor, was repped by an outside firm.
Migration into Arizona has been a major driver of the region’s growth. Today, Arizona’s in-migration continues to be a powerful economic force, according to a recent CBRE research report. Between 2010 and 2018, on average 270,000 people moved in each year as 178,000 left the state, a net annual increase of 92,000. These inflows – drawing a diverse set of households from a wide range of geographies – are defining the next evolution of Arizona’s economy and presage sustained economic dynamism and growth.
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