Pointe Business Plaza is a 103,672-square-foot office plaza in Phoenix. (Photo courtesy of NAI Horizon)
Offices near 16th Street and Glendale Avenue sell for $11.4M
Pointe Business Plaza, a 103,672-square-foot multi-tenant office building near 16th Street and Glendale Avenue, was purchased by Bogle Family Realty LLLP for $11.4 million.
The office building was 90 percent occupied at the time of the sale. The Burton Family Foundation sold the building to Bogle Family Realty.
The office building is located less than one mile from State Route 51 and minutes from downtown Phoenix and the Biltmore area at 7227 N. 16th St.
The NAI Horizon investment sales team of Senior Vice Presidents Barbara Lloyd and Lane Neville represented the buyer, Bogle Family Realty, and the seller, the Burton Family Foundation, was represented by Mike Coover and Eric Wichterman of Cushman & Wakefield.
“Bogle Family Realty owns other property in the area and we saw this as an opportunity for them to increase their presence in the desirable Piestewa Peak office submarket,” Lloyd said.
NAI Horizon will handle the leasing of the property.
“Our family has been a resident of the Piestewa Peak area, both professionally and personally, for many years. This was a terrific opportunity,” said Michael Bogle, managing partner of Bogle Family Realty.
Tenants at the office complex include Rehab Without Walls, Renters Warehouse, Feeding Matters, Kland Civil Engineering, Arrowhead Holding Management Company, and the World Egg Bank.
“We are excited to have acquired a prime property such as Pointe Business Plaza, and aligned ourselves with such quality tenants. This acquisition complements our adjoining building, The Peak, and together we now cover a larger spectrum of the office leasing market along north 16th Street,” Bogle added.