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