Jeff Wentworth, a vice president with Grubb & Ellis Co.'s Phoenix office division, tells GlobeSt.com that the 6,810-sf, class A office building at 8326 E. Hartford Dr. was a perfect fit for buyer Bardon Insurance. "It has very easy access to the Loop 101 so it will be easy for their clients and employees to get there from any part of the Valley. Plus, there's some status from being located in the Perimeter Center," he said.
Wentworth said the insurance firm will relocate its headquarters from a 1980s vintage building in the Scottsdale Airpark to occupy 60% to 70% of the new property with the remaining portion available for lease at around $25.50 per sf gross.
The property's purchase by Bardon Insurance marked the third sale of an office building in the six-building Sonoran Corporate Center in less than six months. Wentworth said three buildings, a 6,810-sf property, a 8,799-sf structure and a 10,054-sf building, are still available for sale at prices ranging from $199 per sf to $202 per sf, with a $25 per sf tenant allowance.
In June, Arizona-based Rowland Cos., a prominent homebuilder, purchased a 21,064-sf building at 8324 S. Hartford Dr. for about $4 million, which the firm now uses as its corporate headquarters.
In August, a Phoenix-based vitamin and supplement company formed a limited liability company, 8322 Hartford Drive Associates, to close the sale on 8322 Hartford Dr. The firm uses the property for administrative, sales and corporate offices.
Built in 2002 by Colorado-based RFG Management, the Sonoran Corporate Center development totals about 74,000 sf. It is located in the 260-acre Perimeter Center, a high-end light industrial and office park. Wentworth represented buyer and seller, Perimeter Office Ownership LLP during the sales transaction.
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