Newmark Arranges Sale of 22.6-Acre Office Campus on I-17 Slated for Industrial Redevelopment

June 5, 2025 12:00 PM

Newmark announces the company has arranged the sale of Corporate Center, a 338,048-square-foot office campus situated on 22.6 acres of land located at 10010-10220 North 25th Avenue, Phoenix, Arizona. The buyer, Dallas-based developer Formation Interests, plans to demolish the existing office buildings and develop a four-building, 425,000 square-foot, Class A mid-bay industrial park called Formation Park 17, zoned A-1 (Light Industrial) and situated in a Qualified Opportunity Zone.

Newmark Executive Managing Directors CJ Osbrink, Barry Gabel, Chris Marchildon and Managing Director Gary Cornish represented the seller in the transaction.

“This transaction underscores the robust demand for prime redevelopment opportunities within Phoenix’s dynamic urban core,” said Osbrink. “With its strategic position in a growing and evolving area, alongside its proximity to key transit routes and significant projects such as the Metrocenter Mall redevelopment, Corporate Center stands out as an exceptional site for creative repositioning.”

“The acquisition of Corporate Center marks the culmination of a long journey that would not have been possible without CJ Osbrink and the Newmark team,” said Mike Gilbert, Director of Southwest Region, Formation. “This purchase launches the transformation of the site into Formation Park 17, a pioneering urban infill, transit-oriented industrial business park.”

Gilbert added, “Formation Park 17 aligns perfectly with Formation’s strategy to pursue unique urban development opportunities across Texas, Phoenix and the Southwestern U.S.”

Located in a rapidly growing, transit-oriented area of Central Phoenix, the property is positioned off Interstate 17 and adjacent to the Metrocenter East Light Rail station, offering access to the greater Phoenix Metropolitan Statistical Area (MSA).

The submarket is experiencing significant transformation, driven by the planned $1 billion redevelopment of the nearby Metrocenter Mall by an investment group including Hines, Concord Wilshire Capital and TLG Investment Partners. The Metrocenter Mall project is expected to deliver 2,600 residential units, 380,000 square feet of retail, a 150-room hotel and public amenities.

The Phoenix market is witnessing a growing trend of office-to-industrial and multifamily conversions, driven by evolving demand and urban redevelopment initiatives, according to Newmark Research. Recent analyses indicate that over six million square feet of office space in the Phoenix metro area is currently targeted for or in the process of conversion to alternative uses, such as industrial or multifamily, as owners capitalize on strategic locations and favorable zoning in submarkets like Central Phoenix.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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