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7,215-SF Office Building Brings $1M

PHOENIX-Realtor John Hall & Associates buys a one-month-old spec building with double the office space of its nearby leased address. The new owner will occupy 75% of the Arrowhead Park Place building and lease the balance.

By Lee Simmons | Updated on May 04, 2004

PHOENIX-Phoenix-based residential and commercial realtor John Hall & Associates has purchased a 7,215-sf office building from Arrowhead Park Place LLC for close to $1.1 million. The deal places the company in a lower-overhead ownership scenario with the ability to double in size.

“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.

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