Search
 

Bank Puts Up $9M for Back-Office Location

TEMPE, AZ-In an off-market deal, First National Bank of Arizona buys a 234,446-sf building on 27 acres in Fountainhead Park. A phased-in move is planned for the mortgage and bank operations and the IT staff.

By Lee Simmons | Updated on May 18, 2004

TEMPE, AZ-Interstate frontage and airport proximity will always make a good deal better, as is the case with First National Bank of Arizona’s $9.3-million purchase of a 234,446-sf building in Fountainhead Park. The buyer envisions a long-term hold of theproperty, which includes extra land for potential expansion.

“I liked the fact that it’s a great location in a wonderful park,” Barry Gabel, a senior vice president in Phoenix for Trammell Crow Co., tells GlobeSt.com. “It’s a very conducive park for high-end office users. This particular project had visibility from Interstate 10, with additional land for expansion. The building has great renovation potential.”

First National seems to think so too since it plans to use the 1665 W. Alameda Dr. location in Tempe for its mortgage and bank operations and technical group. Built in the 1970s, the single-story building sits on 27 acres.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.