Old Town Office Building Sold to Creative Agency for $305 per Square Foot

Rendering of 7000 E 1st Ave by Rowlands Design Group

VIZZDA—October 30^th, 2013 — A recently renovated “Class A” office building south of the southeast corner of Goldwater and Indian School Roads has changed hands for $2.15m or $305.61 per square foot. The seller, Jonathan Bud Bowman of Comptrol Technologies, completed renovations to the property contemplated in planning and development review actions dating back to 2005.

Tom Frankel of the Clayton Companies initiated entitlement action on the site in 2005 and sold the entitled parcel to Metropolitan Real Estate Development for $2.2m with $500k down and $1.7m new debt with Frankel. Frankel took the property back through the Trustee’s Deed process on February 28^th, 2011 with a $1.2m credit bid. In August 2011, Frankel sold the property to Bowman at a significant discount to prior sale price.

The buyer, Joseph Pizzimenti of Bigfish Creative Group, currently leases space at 14500 N Northsight Boulevard in Scottsdale. The purchase price was tendered as $322,500 in cash and $1,827,500 in new debt with Midfirst Bank, maturing October 25^th, 2038. The $305.61 unit price represents the highest per square foot price for an office asset in the Phoenix Metropolitan market.

By:

Paul Dionne

Director of Analytics

Vizzda.com