An office building, located at 320 E. Virginia Ave. in Phoenix, sold for $2.5 million.
Tempe, AZ, July 16, 2021–Menlo Group Commercial Real Estate successfully negotiated the sale of the Virginia Circle Office Building for $2.5 million. The property is located at 320 E. Virginia Ave. in Phoenix.
“It was a pleasure to work with both parties on this recent transaction,” said Menlo Group Senior Vice President Stuart Milne, CCIM. “This office building is a great property in a prime Phoenix location, and we’re glad to see it sold.”
Virginia Circle Properties, LLC, enlisted Milne’s help to list the property. Milne first coordinated a 6,000 sq. ft. lease with Taylor & Associates, PLLC. With a tenant in place, the owners decided to sell the property as an owner/user opportunity with income in place.
“Stuart at Menlo Group was with us for every step of this process, from shifting strategies to seeing us through an altered real estate market in the wake of COVID,” said Brittany van der Salm of Virginia Circle Properties, LLC. “He never wavered in his confidence and in his strength as a partner. We were so fortunate to have his skilled representation.”
Local development group Cardon Family Office purchased the 26,530 sq. ft. office building, which includes two main floors, a basement and a penthouse suite. The property also has building signage, a new cooling tower and plenty of parking.
“Working with Menlo Group was easy and enjoyable thanks to their responsiveness, openness about all aspects of the transaction and eagerness to gather hard data to address any concerns,” said Jonathan Gelbart, Associate at Cardon Family Office. “We look forward to working with them again.”
Menlo Group is a full-service commercial real estate brokerage headquartered in Tempe, Ariz. We specialize in buyer/tenant representation, seller/landlord representation, investment services, real estate consulting, property management and project management. We exist to support clients, advisors and employees in their professional objectives through effective real estate strategies. To read about our other notable commercial real estate transactions, please check out our press releases.