The state occupies about 16,000 sf. The balance of the 16-year-old garden-office building will be used for a beauty school, says John Barnes of the Phoenix office of Colliers International, who brokered on behalf of the seller, Ragsdale Family Trust. Chris Ackel of the Phoenix office of CB Richard Ellis represented the buyers.
Barnes tells GlobeSt.com that the intent is to take over the entire building when the state's lease expires in 1 1/2 years. He says the holding is positioned on five acres, allowing enough room for an extra 40,000 sf to 50,000 sf.
Barnes says the property attracted several offers in the couple of years that it was on the market. The seller owns several other Phoenix-area properties and simply sold the class B property for routine reasons.
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