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PHOENIX-The Bureau of Land Management has a new building owner in a $3.2-million sale between Deer Valley Builders of Castle Rock, CO and Phoenix-based real estate investor, William Sheely.

Sheely’s new acquisition is a build-to-suit office building at 21605 N. 7th Ave. in Phoenix and is solely leased to the bureau in a 15-year lease that began in April. The structure is the bureau’s headquarters. Sheely acquired the property through a 1031 exchange.

The office building, built by Deer Valley Builders, is just south of the Deer Valley Airport and about a half mile north of the recently opened Pima Freeway section of Loop 101. The area has become increasingly popular with office and industrial tenants since the freeway opened and residential construction is under way to the north and west.

Steve Fernandez and Jenifer Davis, both of the private client investment group for CB Richard Ellis’ Phoenix office, represented the seller. Tom Mulhern and Brad Kiernes, both of Investors Properties in Phoenix, acted for the buyer.

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