Cushman & Wakefield announce $33 million sale of Scottsdale property
Posted 7/4/22
Cushman & Wakefield advised Idaho-based Alturas Gainey Ranch in the $33 million acquisition of Gainey Ranch Town Center I & II, two office buildings totaling 126,516 square feet and located in the Gainey Ranch trade area of Scottsdale.
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Cushman & Wakefield announce $33 million sale of Scottsdale property
Posted
Cushman & Wakefield advised Idaho-based Alturas Gainey Ranch in the $33 million acquisition of Gainey Ranch Town Center I & II, two office buildings totaling 126,516 square feet and located in the Gainey Ranch trade area of Scottsdale.
Eric Wichterman, Mike Coover, Steve Lindley and Alexandra Loye with Cushman & Wakefield represented the buyer in the transaction, according to a press release.
Ben Geelan, Will Mast and Lynn Lachapelle of JLL represented the seller. Cushman & Wakefield’s Scott Boardman and Kristina Cutillo have been retained by the new owner for project leasing.
“Phoenix Metro property remains desired by out-of-state investors, and our client was fortunate to acquire these two premier Class A assets that have been institutionally owned and maintained for over two decades,” Eric Wichterman, vice chairman, stated in the release.
“The property has performed remarkably well, with four new lease deals agreed to over the course of the last few months and during escrow, representing over 25% of the total square footage in the buildings.”
Gainey Ranch Town Center I & II consists of two, three-story Class A office buildings located at 7702 and 7600 Doubletree Ranch Rd. that were each built in the late 1990s.
Situated on 3.92 acres of land, the buildings are built over a two-level, elevator-served subterranean parking garage with 488 open-surface parking spaces. The location is very close to many amenities and destinations and is near the community of Paradise Valley.
