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1/22/25
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In an Arizona office buy, Erskine Property Group LLC paid $6.2 mil for Arrowhead Professional Plaza, a 35.7k sf, ($174/sf) single-story office/flex building in Peoria. Located at 9051 W Kelton Lane, the multi-tenant building is currently 100% leased to 12 tenants.
Arrowhead Professional Plaza was originally constructed in 1999 as a flex/industrial property with three grade-level loading doors in the rear of the building, which have since been replaced with glass curtain wall. The building features an approximate clear height of 16 feet throughout.
Strategically located in a dense urban infill location, the property has immediate access to the Loop 101 freeway and is surrounded by an abundance of amenities and several nearby shopping centers including one of the Valley’s most successful regional malls, Arrowhead Towne Center, and the P83 Entertainment District. There are also five major hospitals located in close proximity.
Eric Wichterman and Mike Coover with Cushman & Wakefield in Phoenix represented the seller, Hill Trust Delaware LLC. Keri Davies and Jason Reddington of Levrose Commercial Real Estate repped Erskine Property Group in the deal.
“Arrowhead Professional Plaza is a high-quality freestanding building featuring a U-shaped floor plate around a central courtyard with shallow bay depths that allow the flexibility for suites to be configured for smaller tenants—smaller users represent the vast majority of office tenants currently in the market,” noted Wichterman. “The property also provides the buyer with a great combination of stability plus exceptional upside as a mark-to-market opportunity given its in-place rents are currently well below market.”
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