MESA, AZ July 14, 2022—A local investment group comprised of experts in commercial real estate, law and business recently closed on its first deal. In June, Streamline Capital Group purchased the 39,000-square-foot office asset at 2600 N. 44th St., in Phoenix for $5 million and is rebranding it as The Grand on 44th.
Located in the “Arcadia Lite” Neighborhood, the asset is located near the corner of 44th Street and Camelback Road, with easy access to the Loop 202 and Interstate 10 and nearby retail. The property is also within close proximity to the Scottsdale airport.
The property has two structures and features +/- 8,594 square feet in Building A, and +/- 30,788 square feet in Building B. The site is zoned R-5, providing flexibility for the 1.61-acre parcel. Its centralized location provides exceptional access to Phoenix Sky Harbor International Airport, the Loop 202, Interstate 10, and SR 143 and is conveniently accessible from the core of Phoenix, Tempe and Scottsdale.
In addition to its centralized location, the Grand on 44th boasts a Class A tenant base with a solid average credit rating and a long-term lease structure. Tenants include a variety of businesses including a law firm, financial services, insurance companies and a large manufacturing company.
A number of states are making changes to their rules relating to remote sales tax collection and registration. For example, Arizona passed a new law in 2019 that will require remote sellers and marketplace facilitators to look back for the entire calendar year to determine whether they are required to collect Arizona transaction privilege tax TPT on sales into the state. These sellers must begin collecting tax on October 1, and if they do not, they will face penalties.
Other states have adopted the Streamlined Arizona Land Transactions and Use Tax Agreement, which allows businesses to register in one or more SST member states with just one registration. However, the state of Arizona is not a member of the SST. Under the current rules, businesses based in another state are required to register and collect TPT in Arizona when they meet certain requirements such as having gross proceeds from sales of tangible personal property or services into the state exceeding $100,000.
The Arizona State Land Department was created in 1915 to serve as the fiduciary of Trust assets. Today, the Trust’s portfolio includes over 9.2 million acres of land – more than half in Maricopa County. The Department is responsible for the conservation and preservation of Arizona’s public lands, and manages them on behalf of thirteen beneficiaries for the benefit of the people of Arizona for generations to come.
