Michael Ebert Of RED Development Acquires 28 Acre Office Campus In Phoenix For $28.59M
3035 West Thunderbird Road
$28,590,325
Building Size
—
Asset Type
Office
Closing
Sep 9, 2026
About this deal
AI
The property asset involved in this transaction is a 28-acre site located at 3035 West Thunderbird Road in Phoenix, AZ. The transaction was completed for a total of $28,590,325. This site includes a vacant office complex exceeding 500,000 square feet, previously occupied by General Electric/Honeywell.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $28,590,325
- Buyer: Michael Ebert - RED Development
- Seller: Dimension Financial & Realty Investments
- Broker: Ray Cashen - Cashen Realty Advisors
- Date of sale: September 3, 2026
- Future Development: Canyon Commerce Center, an industrial park with three new buildings totaling 451,892 square feet
The key individuals in this transaction include Michael Ebert representing RED Development, who is the buyer, and Ray Cashen, who acted as the broker from Cashen Realty Advisors. Dimension Financial & Realty Investments served as the seller in this real estate deal.
On the Map
$28,590,325
Office
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Marble Rock Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93