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.
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