CBRE facilitated the $9.95 million sale of 4530 East Shea Blvd., a 41,276-square-foot office property located in Paradise Valley, Ariz. Albany Road Real Estate acquired the property.
CBRE’s Geoffrey Turbow, Matt Pourcho and Anthony DeLorenzorepresented the seller, Shea and Tatum LLC, in the transaction.
“The property represents a turning point for office investment strategy in Arizona,” said Turbow, senior vice president at CBRE. “Despite market noise, investors and lenders are realizing that well-located office assets with strong buildouts offer compelling upside.”
Built in 2000, the property at time of sale was 91.9% leased to a diverse mix of local, regional and national medical and professional tenants.
“This sale signals a broader trend: office properties with medical conversion potential are driving renewed interest and capital flow. The buyer’s plan to reposition the asset, supported by a new medical lease signed during escrow, underscores the viability of this strategy and sets the stage for future cap rate compression,” added Turbow.
According to research, the medical office sector in metro Phoenix has demonstrated strong performance, with an 11.5% vacancy rate and 512,000 square feet of net absorption over the past 12 months.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, digital infrastructure services); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.
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