Colliers International sells Biltmore Corporate Park for $7 million

Private investor plans modernization of office building in prestigious Biltmore area

Phoenix, March 2, 2017 – Colliers International in Greater Phoenix sold the Biltmore Corporate Park office project at 6245 N. 24th Street in Phoenix to a local investor for $7,075,000. The new owner plans to modernize the multi-story building.

Fountainhead Equity Partners (Art Cunningham) with KEMF BCP Investments, LLC, acquired the property from Johnson Grove Partnership. Ryan Timpani, vice president with Colliers, handled the sale and has been retained as exclusive leasing agent for the property.

“Biltmore Corporate Park is a prime example of an existing asset that has been well maintained and only requires a repositioning to capture its full potential,” said Timpani. “Over the next six months, ownership will be focused on a rebranding effort, as well as interior and exterior improvements, which include adding tenant signage along 24th Parkway.”

Biltmore Corporate Park was originally constructed in 1980, and underwent some significant remodeling in 2017. The multi-story building consists of 44,174 square feet of office space and was 65 percent leased at the time of the sale. Two new leases have been signed since the property sold. 

Fountainhead Equity Partners focuses on identifying unrecognized real estate opportunities in the Arizona market and repositioning assets into value-add destinations. The Biltmore Corporate Park offers opportunity for value-add on rebranding and can accommodate construction of another free-standing building up to 9,500 square feet adjacent to the golf course.

About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.

For the latest news from Colliers, visit or follow us on Twitter: @Colliers and LinkedIn.

Colliers International in Greater Phoenix has served clients locally and globally for more than 35 years.