Select Income REIT Acquires Farmers Insurance Building

The Farmers Insurance Building located at 16001 N. 28th Ave. in the Arizona Business Park was recently sold for $16.85 million to Select Income REIT. The Newton, Mass.-based REIT acquired the 106,397-square-foot office building from an entity belonging to Sabal Financial Group.

Select Income REIT has acquired the Farmers Insurance Building for $16.9 million. The Newton, Mass.-based REIT bought the 106,397-square-foot office building from an affiliate of Sabal Financial Group.

The Farmers Insurance Building is located at 16001 N. 28th Ave. in the Arizona Business Park and has frontage on Interstate 17. Barry Gabel, Chris Marchildon, Ashley Brooks, Jim Bayless and Jenny Aust of CBRE’s Phoenix office represented the seller. Management for the property will be handled by Reit Management & Research L.L.C.

“This is a savvy buyer who fully understands the unique dynamics of the Arizona Business Park and the strength of the I-17 corridor,” said Gabel. “The tenant has been in the corridor for decades and has long been able to draw from a diverse and dynamic labor pool. More than 2.4 million people live within a 40-minute commute of the property.