Biltmore Corporate Park office project at 6245 N. 24th St. has been sold to a local investor for $7,075,000. The new owner plans to modernize the multi-story building.
“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,” says Ryan Timpani, vice president with Colliers International in Greater Phoenix. “Over the next six months, ownership will be focused on a rebranding effort, as well as interior and exterior improvements that 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 contains 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 was sold.
Fountainhead Equity Partners (Art Cunningham) with KEMF BCP Investments LLC, acquired the property from Johnson Grove Partnership on February 17, 2017. Timpani of Colliers International handled the sale transaction and has been retained as exclusive leasing agent for the property.
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 the property can accommodate construction of another free-standing building up to 9,500 square feet adjacent to the golf course