Portland, OR-based BPM Real Estate Group just snapped up PetSmart’s corporate headquarters campus in Phoenix in a $110 million purchase. PetSmart’s headquarters has been located at 19601 North 27th Ave. in the Deer Valley submarket for the last 23 years.
CBRE’s Barry Gabel, Chris Marchildon and Will Mast along with Newmark’s Kevin Shannon, Ken White and CJ Osbrink represented the undisclosed institutional seller. The collective team previously sold the property in 2011. Newmark’s Nick Kucha represented the buyer, BPM Real Estate Group, in the transaction with David Milestone and Ramsey Daya, also with Newmark, which provided acquisition financing.
“The sale of PetSmart’s corporate headquarters is emblematic of what investors desire in today’s marketplace: long term, consistent cash flow from credible tenancy in a dynamic market area,” said Gabel. “The Deer Valley submarket is one of the top-performing office locations across metro Phoenix and has become a target location for major corporate and regional headquarters.”
The property includes three four-story buildings and parking structure. The 15.1-acre site allows for future development of another 90,000-square-foot building and parking structure.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.