Newmark Group Inc. has successfully arranged the sale of the Corporate Center, a 338,048-square-foot office campus located on 22.6 acres at 10010-10220 North 25th Avenue, Phoenix, Arizona. The Dallas-based developer Formation Interests acquired the site with plans to transform it into Formation Park 17, a 425,000 square-foot, Class A mid-bay industrial park. This redevelopment project will involve demolishing the existing office buildings to create a transit-oriented industrial business park in a Qualified Opportunity Zone. The strategic location, adjacent to the Metrocenter East Light Rail station and the planned $1 billion redevelopment of the nearby Metrocenter Mall, positions Formation Park 17 as a significant urban infill project in Central Phoenix. Newmark Executive Managing Directors CJ Osbrink, Barry Gabel, Chris Marchildon, and Managing Director Gary Cornish represented the seller in this transaction.
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