Korth, Kuller and Barnes negotiate sale of 38,238-square-foot building

Phoenix, October 2, 2017 – Colliers International in Greater Phoenix negotiated the sale of a 38,238-square-foot office building at 8800 N. 22nd Avenue in Phoenix, Arizona. The building is fully occupied by the Arizona Department of Economic Security (DES).

Mindy Korth, executive vice president; Kirk Kuller, vice president; and John Barnes, vice president, with Colliers International in Greater Phoenix, teamed with Greg Bamford, president of Bamford Southwest, Inc. to exclusively represent the seller.

The building has been fully occupied by DES’ Family Assistance Administration division since 2013. The division coordinates various critical programs to support Arizona families in need.

Scottsdale Investment Management purchased the property from a private family trust. Both buyer and seller are located in Scottsdale.

“The sale provided the buyer a stable asset, uniquely leased with one of the largest agencies in the state government,” said Korth. “This is a prime employment location that is also among numerous corporate neighbors and a short walk from a Metro Light Rail Station, promising to make it a rewarding investment.”

Originally built in 1986 as an operations center for Research International, the office building’s interiors were fully renovated to accommodate DES in 2013. The department entered into an original eight-year lease at that time.

Arizona DES is a government social services agency that works with families, community organizations, advocates and state and federal partners to realize its vision for every child, adult and family in the state of Arizona to be safe and economically secure.

Large corporate employers neighboring the property within the Interstate 17 corridor include USAA, Cigna, Blue Cross and Blue Shield, American Express, Safeway, Honeywell, Vangent, Wells Fargo and PetSmart, among others.

About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm. Colliers also has been ranked the top property manager in the world by Commercial Property Executive for two years in a row.

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Colliers International in Greater Phoenix has served clients locally and globally for more than 35 years.