The 18,213 sf building at 500 E. Thomas Rd., which sold to Sagebrush Capital for $1.5 million after being on the market about three months, also could have a future as office condominiums. "Not a lot has been done to the property during the past couple of years," says Andrew Fosberg, an associate with CB Richard Ellis's Phoenix office. He and CBRE colleagues Steve Fernandez, Jenifer Lunt and Claudia Jara represented the seller, SPA 500 Thomas LLC of Phoenix.
Fosberg tells GlobeSt.com that the building is about 70% occupied, consisting of smaller, local tenants. "The seller had owned it for awhile and simply decided it was time to move on," he says, adding the disposition plan included the 21,042-sf Tempe Parkside, a class A garden office complex that recently traded. He says there are no plans to sell any other holdings at this time.
"We received six or seven offers on this property," Fosberg continues. "The buyer who got it showed good interest in it and had strong interest, with price, due diligence and the closing time period. He had a good vision for the property and stepped above the rest." Robert Russo of Zip Realty in Phoenix represented the buyer.
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