X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-The State Bar of Arizona has purchased a 68,710-sf building in the Camelback corridor for $8.4 million. The deal will enable the association to locate its headquarters closer to municipal and state court systems situated in the same submarket.

“They’re leasing right now and paying above-market rents. By buying this building with some other tenants in place, they were able to lower their occupancy costs with the other tenants’ income,” Chris Walton, a senior associate at Grubb & Ellis/BRE Commercial’s Phoenix office, tells GlobeSt.com.

The association closed the off-market deal for the 4201 N. 24th St. building with help from a revolving line of credit provided by San Francisco-based Wells Fargo & Co. The seller, Oklahoma City-based 24th Place LLC, originally asked $9 million for the 20-year-old, three-story building. Walton and Don Arones, also with Grubb & Ellis/BRE Commercial, structured the deal for the buy side while the firm’s Russ Warner and Jeff Wentworth partnered to represent the seller.

With only a third of the building occupied at closing, rents average $21.50 per sf. The association’s relocation into 40,000 sf, slated for November, will bring occupancy closer to 100%, according to Walton. “The building has the ability to sustain growth, because the existing tenants will have leases rolling around suspected growth needs,” he adds. The association, now leasing space at 111 W. Monroe St., regulates about 12,000 active attorneys in the state and offers education and professional development services.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.