The San Diego-based ColRich acquired the fully leased Broadway Business Center at 3925 and 3945 E. Broadway Rd. in Phoenix from Bancroft Capital of Manhattan Beach, CA. The seller bought the flex office asset, empty at the time, four years ago for a repositioning play of the accounting campus of Circle K Corp., now home to Leslie's Poolmart and City of Phoenix offices. ColRich outdistanced six offers for a property that went under contract at 84% occupancy and closed at 100%, Steve Brabant of CB Richard Ellis Inc. in Phoenix tells GlobeSt.com.
"We did an abbreviated marketing period because we got this very good offer. So, we took it," say CBRE's Bob Young, who along with Brabant, Glenn Smigiel, Rick Abraham and Joe Porter in the Phoenix office brokered the sale.
The 10.7-acre property holds a 75.140-sf building and 61,850-sf structure. Both underwent a "classical transformation," Brabant says, from traditional warehouse to fully air-conditioned flex space with a hard-to-beat location that's just a quarter mile south of Sky Harbor International Airport off Interstate 10.
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