RMK Holdings, LLC has purchased Kyrene Corporate Center, a 30,000-square-foot office building located at 9280 South Kyrene Road in Tempe, Ariz. The sale price was $3.33 million.
Kevin Calihan with CBRE’s Phoenix office represented Phoenix-based RMK Holdings. DTZ’s Eric Wichterman and Mike Coover represented the seller, Phoenix-based Kyrene 919280, LLC.
“The metro office market continues to improve and Tempe, especially, continues to be a place in which office users want to locate,” said Calihan. “This purchase allows RMK Holdings to not only enter a highly sought-after submarket from an investor standpoint, but also gives the company more control over their own operations as well.”
RMK Holdings is a joint venture between Kent Nielson, Ryan Sandell and Michael Jones, the local principals of Primary Residential Mortgage, Inc. (PRMI), one of the largest retail mortgage lenders in the nation. RMK Holdings will lease 15,000 square feet of Kyrene Corporate Center to PRMI. This location will serve as PRMI’s primary office for the Arizona market, which is being relocated from San Tan Corporate Center II in Chandler.
PRMI has four offices through out the Valley and one in Flagstaff.
“Kyrene Corporate Center is in an excellent location and offers us the ability to continue to grow our business while having better control over our operating expenses for PRMI,” said Kent Nielson. “We are anticipating the metro Phoenix housing market will continue to strengthen in 2015 and this purchase and lease with PRMI means we will be well-positioned to better serve our clients as this demand increases.”
Kyrene Corporate Center is located just a mile and a half from the full-diamond interchange at Warner Road and the I-10 freeway. The property was approximately 50 percent leased at time of sale. Tenants include enChoice, Inc., Triton Medical Solutions and Great American Title Agency.