X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-A local investment group has paid $11.4 million for the Brookstone Office Complex in midtown Phoenix.

Locally based partnership Little Horse Ranch LP bought the 117,000-sf office building at 2025 N. Third St. and 340 E. Palm Lane. The building is 99% leased.

The seller is another Arizona partnership, Gainey Ranch Financial LP. The transaction was negotiated by Insignia/ESG.

Midtown Phoenix has been one of the last office submarkets to recover. Much of the Valley overbuilding that occurred during the late 1980s was in this area, leaving large blocks of space unoccupied throughout much of the ‘90s.

The vacancy rate at the start of the third quarter in the Downtown North submarket, according to a survey by CB Richard Ellis, was 12.7% for class A space and 15.3% for class B property. That compares to the overall Valley’s 10.7% rate for class A and 10.3% for class B space.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.