PetSmart Phoenix HQ Building Fetches $110 Million in Sale

Article originally posted on Phoenix Business Journal on April 1, 2021

PetSmart’s corporate headquarters in north Phoenix was sold to a Portland-based real estate firm for $110 million, the Valley’s highest priced office sale of 2021 so far.

BPM Real Estate Group bought the campus, which includes three four-story buildings and a six-level parking structure near the intersection of Interstate 17 and Loop 101. The company has been based out of the campus since 1997 and has 11 years left on its current lease. Barry Gabel of CBRE represented the seller, Phoenix-based Vereit, according to Maricopa County records, along with Chris Marchildon and Will Mast of CBRE and Kevin Shannon, Ken White and CJ Osbrink of Newmark.

The campus includes an on-site daycare, fitness center, café and dog park.

“BPM Real Estate Group is pleased to add the PetSmart Corporate headquarters to our portfolio of first-class commercial properties,” Walter Bowen, BPM Real Estate Group’s founder, said in a statement. “BPM believes in the Deer Valley market and in the important position this property holds in the area.”

Find the Complete Article Here: https://www.bizjournals.com/phoenix/news/2021/03/31/petsmart-phoenix-hq-fetches-110-million-in-sale.html?cx_testId=40&cx_testVariant=cx_9&cx_artPos=3#cxrecs_s

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