G2 Capital Sells Phoenix Office Campus
- Jan 15, 2021
G2 Capital has sold Broadway Business Center, a two-building, 136,998-square-foot office campus in Phoenix. A charitable foundation purchased the fully leased asset for $18.6 million. JLL Capital Markets assisted the seller and procured the buyer in the deal. CommercialEdge shows G2 Capital acquired the property in 2018 for $10.9 million.
Broadway Business Center occupies 10.7 acres at 3925 and 3945 E. Broadway Road. Completed in 1973 and 1975, respectively, the pair of two-story buildings most recently underwent cosmetic renovations in 2018. The property’s tenants are the City of Phoenix, the State of Arizona, the Department of Child Safety and Whiterabbit.
Broadway Business Center is situated some 6 miles southeast of downtown Phoenix and 3 miles south of Phoenix Sky Harbor International Airport. Providing direct access to Interstate 10, the location is also easily accessible through public transportation.
JLL’s Brian Ackerman and Ben Geelan led the team representing G2 Capital in the negotiations. Geelan also took part in brokering the $46.2 million sale of a two-property office portfolio in Phoenix’s suburb of Scottsdale last August — demonstrating that Phoenix office space for rent is still quite an active market.