The Money Source buys Phoenix building for $7.5M
The Money Source, a privately held, national mortgage company, has purchased a freestanding office building at 3138 E. Elwood Dr. (directly off I-10 and University) as its new Arizona headquarters. The Money Source purchased the $7,500.000 building to accommodate its rapid expansion over the last several years. The company chose to purchase its own stand-alone building to meet the needs of its specialized mortgage services.
“The buyer was very interested in acquiring this particular office building because of its excellent location,” says Greg Hopley, executive vice president with Colliers International in Greater Phoenix. “Moreover, this was a very strategic purchase that allows opportunity of additional square footage to accommodate future expansion in Phoenix. The commercial real estate community throughout Phoenix has witnessed a growing trend of companies seeking ownership of freestanding properties to take advantage of owner-user benefits.”
“We quickly realized this office building offered everything we need to successfully expand our business,” says Mike Mirshahzadeh, CRO and managing partner of The Money Source. “We will move into this facility with several hundred employees, but plan to grow that figure to over 500 in the near future. We are experiencing excellent growth here in Phoenix and believe this is the ideal site for dynamic expansion.” Mirshahzadeh has more than 20 years of experience in the mortgage industry and was the founding leader in moving to Phoenix from San Francisco.
The 77,118-square-foot Class “A” office building was purchased for $7,500,000. The commercial building sits on approximately five acres of land. The highly successful mortgage company was in need of an Arizona headquarters facility close to various freeways and dense employment areas of Phoenix. The Money Source provides mortgage services throughout the Greater Phoenix metro area, and throughout the US, with offices in New York, The Bay Area, Connecticut, Dallas, Detroit as well as the Greater Phoenix area. In addition to providing traditional mortgage services, the firm also provides mortgage insurance services for its clients.
The newly purchased office building offers frontage on Elwood Drive and features built-out offices, conference rooms, break rooms, bull-pen, beautiful lobby area and other spaces required for company functions. The large, secured parking lot also was an important element for The Money Source. The building was originally constructed in 1998 and has been remodeled over the past few years. The Money Source has plans to occupy 100% of the building.
Hopley represented The Money Source in the purchase negotiations. Arnold Phoenix Southbank LLC sold the property and was represented by Jones Lang LaSalle.