Cushman & Wakefield has advised Fadden Enterprises in the disposition of Evans Airpark Center, a 120,433-square-foot, multi-tenant industrial park situated on 10 acres in Scottsdale.
The property is strategically located in the heart of the Scottsdale Airpark, one of metro Phoenix’s most prestigious and desirable submarkets, according to a press release. The buyer was Portland, Oregon-based Harsch Investment Properties, which acquired the asset for $17.65 million.
Tracy Cartledge, Steve Lindley, Bob Buckley, and Michael Kitlica of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.
“Evans Airpark Center is a clean, functional industrial project in one of metro Phoenix’s best locations, and with nearly 90% occupancy — the majority of the property having lengthy lease terms remaining — provides secure, stable in-place income with value-added upside in an irreplaceable site,” said Tracy Cartledge.
“The Scottsdale Airpark has long been a high-performing industrial submarket, a prestigious address with a strong and growing amenity base that is very attractive to tenants. We would expect for the remaining vacancy in the asset to see high demand.”
Evans Airpark Center consists of four low-rise buildings located at 8212 and 8224 E. Evans Road and 14555 and 14557 N. 82nd Street. The 14555 manufacturing/warehouse building was built in the early 1980s and the remaining three general industrial buildings were all completed in 2006.
The location features outstanding proximity to high-end executive housing, restaurants, resorts, and shopping, as well as direct access to Loop 101 within a few minutes.