Foundations Financial Makes HQ Move

PHOENIX-Local firm, Foundations Financial has made a move for a new corporate headquarters facility. The asset-planning firm is undertaking an aggressive expansion mode, with part of that growth taking place in the metro area.The firm recently acquired a 4,700-sf office condo property. According to a company official, Foundations Financial acquired a 3,300-sf property and an adjacent 1,400-sf condo suite. Financial terms on the acquisition were not released, but the new space will house corporate headquarters space as well as the firm’s Phoenix branch office, says Eric Tormala, vice president of operations for Foundations Financial. It is believed the firm paid $185 per sf for the acquisition and will put more money into building out the condo space.Foundations Financial specializes in growing individuals’ portfolios through asset-backed real estate investments. The firm analyzes investment opportunities in income-producing properties, including multifamily as well as commercial real estate investments. “We educate people on how to invest in real estate,” Tormala tells Globest.com.He says that the condo suites are part of two two-story office buildings that are located near a medical office corridor. The firm is aggressively pursuing additional branch office opportunities, adds Tormala.He says the firm has added an additional office in the East Valley area of Phoenix, a branch office in Palm Springs, CA and another in Greenville, SC. “The Greenville office might seem like an odd choice for us, but it’s exactly in the corridor between Atlanta and the Raleigh-Durham area. Those are the type of places we’re looking for in growing the business.”Foundations Financial is also eyeing branch locations in the Los Angeles area as well as in Austin, TX. Tormala says as the firm expands into new regions, it will not buy initially when entering a market. “First, we intend to lease space in a city to validate the market, then, as we gather information, we could transition to acquire space.”