Menlo Group Commercial Real Estate negotiated the successful sale of Lake Biltmore Corporate Center, a two-building office property in Phoenix
Tempe, AZ – Menlo Group Commercial Real Estate is pleased to announce the successful sale of Lake Biltmore Corporate Center. The more than 100,000-square-foot, two-building, multi-tenant office property sold for $11.5 million ($113 PSF).
Lake Biltmore Corporate Center is located at 11022 and 11024 N. 28th Dr. in Phoenix. The two blue glass buildings total 102,00-square-feet and are situated on 6.86 acres of land with lakefront views. The property is positioned just off the I-17 freeway and across from the expanding Valley Metro Rail and soon-to-be-redeveloped Metrocenter Mall.
Menlo Group first started representing the property as a leasing assignment nearly 10 years ago. Over the years, the Tempe-based commercial real estate brokerage has signed dozens of leases and lease renewals with a variety of local and corporate tenants. At the time of the sale, Lake Biltmore Corporate Center was approximately 70 percent occupied, making it an attractive investment and value add opportunity.
"Working with the team at Menlo Group has been purely professional and enjoyable for almost 10 years now," said Lois Flynn, General Manager of Lake Biltmore Corporate Center. "We've never had to worry about what’s down the road because they take care of business professionally, quickly and honestly. We're always satisfied; no matter how big or how small a deal, this is how they do it. I’m very proud to have been partnered up with them for so long."
The seller, Gammaville, LLC, was represented by Menlo Group Executive Vice President Stuart Milne, CCIM, SIOR. Philip Wurth, CCIM, of Colliers International represented the buyer, SSM Properties III, LLC. The sale was one of the largest office transactions in the Phoenix metropolitan area thus far in 2022.
“We appreciate the entire Gammaville team for their trust and partnership in helping make this a seamless transaction,” Milne said. “We trusted the process and knew this was a high caliber asset in a submarket going through a tremendous transition with the light rail and additional developments.”