Arrowhead Park Building Nets $1M

SSP Real Estate LLC, a group comprised of Dr. Sudeep Punia of the West Valley center and its business manager, Jeevan Punia, closed on the purchase with Arrowhead Park Place LLC and immediately moved into the building. "We think that with the amenities and freeway access, it's a great location," Bruce Campbell, first vice president with CB Richard Ellis Inc.'s Phoenix office, tells GlobeSt.com.

The Punias moved the medical center two blocks from its previous location to take advantage of more space, state-of-the-art amenities and the professional business park environment, Campbell adds. He represented Arrowhead Park Place LLC while Colliers International's Judy Jones represented the Punias.

Located at 17218 N. 72nd Dr., the build-to-suit, single-story structure is one of five new garden-style buildings in the professional park's first phase. So far the property owner has sold two buildings, with a third in escrow and the remaining two garnering plenty of interest, says Campbell. Final build-out will eventually cover 23 acres and 18 lots.

Arrowhead Commerce Center sits directly across the street from the Arrowhead Towne Center Regional Mall and a half mile from Loop 101. The West Valley submarket enjoys healthy office occupancy rates, presently at about 92%. The center's unique zoning offered extra flexibility in attracting the medical center to the property.

"The Punias basically searched for a year for a place like this," Campbell adds. "The zoning is for a commerce park. You can have light industrial, office/warehouse of 100% office here." Approximately 1,800 sf in the Punias' new building will be available for lease in the near future.