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May 21, 2024
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Creative Office Property in Phoenix’s Warehouse District Fetches $274/sf


A CO-based private investor paid $5.76 mil ($274/sf) for a 21k sf creative office property in Phoenix’s Warehouse District. Maricopa County Regional School District signed a long-term, NNN lease for the property in conjunction with the sale.

The property, located at 20 W Jackson St, was originally built in 1944 as a train depot and has since been converted into a creative Class A office space, featuring historic brick, oversized windows, original 20’ wooden ceilings and original flooring. The property also features an outdoor patio with trees and grass.

CBRE’s Geoff Turbow, Gary Cornish, Matt Pourcho and Anthony DeLorenzo represented the seller, a local private investor. Jimmy Cornish, Corey Hawley and Sean Spellman, also with CBRE, secured the tenant for the property. CBRE Debt & Structured Finance’s Garrett Stasand arranged the financing on behalf of the buyer.

“Creative office in Phoenix’s Warehouse District remains in high demand, given the limited inventory of move-in ready options,” said Cornish. “We expect this trend to continue as this neighborhood and surrounding areas continue to improve with the extension of the downtown light rail, bringing new entertainment and dining amenities to the area.”

“Investors are very bullish on the Warehouse District,” Cornish added. “This historic neighborhood presents upside potential that is extremely attractive as capital continues to aggressively seek out opportunities across all product types in the Phoenix market.”

Single-tenant office buildings within Greater Phoenix are in high demand, evident by the current 4.11% vacancy rate, according to CBRE research. Out of the 337 office buildings between 10k sf and 30k sf within a five-mile radius of 20 W. Jackson Street, only three are currently available for a single user to lease and only one of those options is creative office.

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