CBRE Brokers $19.7M Sale of Two-Building Peoria Office Park

CBRE has arranged the sale of Thunderbird 101, a two-building office park in Peoria, Arizona, with addresses at 14050 and 14100 N. 83rd Ave. The seller was not disclosed, and the buyer group includes Holualoa Cos. and David Walter of DWRE. CBRE brokers Geoffrey Turbow and Anthony DeLorenzo represented the seller.

Completed in 2005, the property consists of two two-story multi-tenant office buildings on 10.9 acres. It totals 143,597 square feet and includes 718 parking spaces. Suite sizes suit healthcare, financial services, real estate and other professional services tenants.

CBRE's Property Management unit will manage the asset, and CBRE leasing agents Ashley Brooks and Jasmina Bays will lead leasing efforts. The reported price is $19.7 million.

For developers and investors, the deal shows continued buyer interest in multi-tenant suburban office product in the Phoenix-area West Valley, where leasing and repositioning plans can be underwritten against existing parking and suite mix.