Plaza Companies and USAA Real Estate Company, in partnership under RP Arrowhead LLC, announced this week that they have sold Arrowhead Professional Center III in Glendale, Arizona for $13.25. In a statement, the companies said that the medical office project was purchased by Arrowhead Professional Center, LLC, an entity formed by YAM Holdings (though Phoenix Business Journal noted that its business filing with the Arizona Corporation Commission shows it was actually formed by YAM Properties LLC). YAM Properties is controlled by YAM Management LLC, which was formed in 2010 by Bob Parsons, Go Daddy's founder and Executive Chairman. The Journal goes on to note that YAM Management changed managers last month to Steve Gabbay, Anne O'Moore, Mike Quel and Parson's Robert Ralph Trust, and that the address listed for each is that of Go AZ Motorcycles, a dealership owned by Parsons.
"We are very pleased to reach an agreement on the sale of this exceptional medical office property," said Sharon Harper, president and CEO of Plaza Companies, in the statement. "We are also very pleased to continue to provide leasing and construction services moving forward to this strong new ownership group."
The 71,521-square-foot, 8-building complex at 18301 North 78th Avenue in Glendale was reportedly 89% leased at the time of sale. The deal was brokered by Cain Brothers RE of San Francisco, CA and Plaza Companies. The transaction includes an agreement between the new owner and Plaza Companies in which Margaret Lloyd of Plaza will handle leasing for Arrowhead Professional Center III moving forward. Plaza will also coordinate all construction services for the property.
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