CBRE completes $15.9M sale of Scottsdale building

Posted 12/27/21

CBRE recently announced the sale of Scottsdale Professional Building, a 76,996-square-foot, Class A office property in Scottsdale, to a private investor for $15.9 million.

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CBRE completes $15.9M sale of Scottsdale building

Posted

CBRE recently announced the sale of Scottsdale Professional Building, a 76,996-square-foot, Class A office property in Scottsdale, to a private investor for $15.9 million.

CBRE’s Barry Gabel and Chris Marchildon represented the seller, Double Anchor Investments. The buyer was represented by Jason Reddington with LevRose Commercial Real Estate, according to a press release.

Scottsdale Professional Building is a three-story, multi-tenant office property at 14301 N. 87th St. The building offers frontage and visibility along the Loop 101, with freeway access at Raintree Drive.

The building was 62% leased at the time of sale to 55 tenants and has maintained an 88% average occupancy over 10 years, noted the release.

Suites at the property feature HVAC units individually metered for electricity, the release said, describing the interior courtyard, which is professionally landscaped with an expansive rock water feature and multiple outdoor seating areas.

“Scottsdale Professional Building is a Class A property that offers its tenants the ability to control their health and wellness in a self-contained, exterior loaded office environment in one of the premier office submarkets across the country,” said CBRE’s Gabel in the release.

“The area surrounding the property offers a myriad of retail and restaurant options and is rapidly becoming a strategic infill location with the development of new multifamily and office within proximity to the building.”

The property is situated within the Scottsdale Airpark submarket, which recorded 277,521 square feet of positive net absorption through the third quarter, the most of any other submarket in metro Phoenix area, according to the release, citing CBRE research.

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