Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHANDLER, AZ-A joint venture between Kenpool Corp. of Los Angeles and local company Biltmore Holdings has bought a former call center for $10.4 million. The 104,000-sf building, sold by BankFirst Corp. of Sioux Falls, SD, has been vacant for nearly six months.

The first-time JV partners are planning to spend an additional $500,000 to upgrade the exterior of the 1951 N. Alma School Rd. building. “It’s just a one-time deal,” says Michael Myrick, vice president for Phoenix-based Grubb & Ellis/BRE Commercial LLC’s, who teamed with colleague Dan Dobric to represent the buyer.

Myrick tells GlobeSt.com that the deal provided a strong value-add opportunity for the partners because it’s in a good submarket. In addition, it’s one of a handful of buildings in the Valley “that can accommodate a tenant looking to occupy immediately,” he says. “There are already 950 cubicles in place, the wiring is there. All that’s necessary is to turn the lights on and rock and roll.”

Myrick, whose company won the leasing contract, says there should be no trouble finding a single tenant to fill the space, given the current interest. The quoted rate is $14 per sf, triple net.

The building was constructed as a grocery store in 1979 and converted into a call center in the late 1990s by BankFirst. CB Richard Ellis broker Thomas Adelson started marketing the property about one year ago after BankFirst’s credit card division was sold to another bank. “The bank is still occupying a small portion. They have a bank branch there, but it’s just a short-term deal until they close out the accounts,” Myrick adds.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



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
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.