"Their Arrowhead office is going gangbusters," Blaine Black, a senior vice president with Trammell Crow Co. in Phoenix, tells GlobeSt.com. "It helps John Hall continue to grow out in the Northwest Valley." The firm is vacating 3,522 sf of leased space at nearby 11211 N. Tatum Blvd.
Located at 17215 N. 72nd Dr., the one-month-old building was constructed on a spec basis in the 3.5-acre Arrowhead Park Place medical-office center. John Hall & Associates will relocate 140 employees into 75% of the new building, with the balance going to a title company. The buyer obtained acquisition financing from Phoenix-based Desert Hills Bank.
With three of five buildings already sold, the latest deal hardly hit the market before the residential real estate firm placed the contract, says Bruce Campbell, a first vice president with CB Richard Ellis Inc.'s Phoenix office. The 65%-occupied park offers about 30,000 sf of class A, single-story office space.
"We've got some very, very good interest and we've had some people who have made offers but nothing is in escrow yet," Campbell adds. "The reason we named it Arrowhead Park Place, in Monopoly if you had Park Place then you usually won."
Black and Pat Devine of CB Richard Ellis represented the buyer. Campbell negotiated for the seller.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
