1:30 PM
Newmark Grubb Knight Frank (NGKF) and Phoenix’s first television studio, KPHO, announced the sale of its long-time station and studio at 4016 N. Black Canyon Highway. The unique space and former home of the Wallace and Ladmo show, encompassing 44,039 square feet on 3.96 acres, was sold for $1,925,000 or $43.71 per square foot to Treatment Assessment Screening Center, Inc. NGKF’s Managing Directors Geoffrey Waldrom and Erik Marsh represented the seller in the transaction.
“Originally built for KPHO, the station is outfitted in a classic 1970s-era construction,” commented Waldrom. “We understood the uniqueness of the retro build-out and the appeal of the asset’s local history. The knack was to price it appropriately, gauge the desirability for the right user, and to provide diligent service during the marketing process, effectively conveying the asset’s potential and value.”
Treatment Assessment Screening Center, an interdisciplinary organization devoted to substance abuse and mental health assessment and treatment, purchased the building for $43.71 per square foot, coming very close to the evaluated asking price of $45.00 per square foot. The Non-profit will make its new home in the more than 44,000 square feet of office space while enjoying secure parking and immediate highway access and visibility.
Perhaps best known for its local children’s television show, KPHO created The Wallace and Ladmo Show in 1955 to showcase afternoon cartoons. Beloved by local children - in particular, the two who grew up to eventually sell the television studio - the Wallace and Ladmo Show was one of the longest-running, daily, locally produced children’s television shows in American broadcasting and a consistent local Emmy recipient until it went off the air in 1989. “We both attended the show as part of the live studio audience, me as a Cub Scout in the 80’s,” remarked Marsh, “In the same building we sold.”
KPHO entered the Phoenix market in 1949, originally broadcasting three networks: ABC, NBC and Dumont. The station’s first location was the iconic Westward Ho building on Central Avenue in Downtown Phoenix - where one can still see the original broadcasting tower, now used as a cell phone tower. KPHO moved to the southwest corner of Black Canyon Highway and Indian School Road in 1973. Today, KPHO has combined offices with KTVK-TV Channel 3, sharing efficiencies and synergies in a larger space.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.