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November 29, 2022
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Scottsdale, AZ Office Building Sells for Over $500/sf

4/13/22

A 10.7k sf office property in Scottsdale, AZ was purchased by a NoCal-based private investor for $5.7 mil, which works out to $531/sf.

Located at 20865 North 90th Place, the high-image property sits within the exclusive DC Ranch’s Market Street, a premier mixed-use neighborhood center in North Scottsdale. The building was designed and built by Salcito Homes in 2005 and is 100% leased to five financial services and real estate-focused tenants. The property, which features tall ceilings, hard wood floors, abundant natural light and private terraces, sits within minutes of the Loop 101 Freeway.

Smaller office buildings below 20k sf continue to thrive and outperform larger office buildings in the region, according to CBRE research. Within a five-mile radius, office vacancy is at 5.8% for office buildings between 5k sf and 20k sf. Scottsdale’s office leasing activity is up nearly threefold compared with last year as tenant demand continues to increase, according to CBRE research.

Geoffrey Turbow, Matt Pourcho, Gary Cornish, Anthony DeLorenzo, and Bryan Johnson of CBRE represented the private North Scottsdale-based seller.

“At a record per-square-foot price, this sale is a perfect example of the strength of the Class A office market and the robust investor demand for Metro Phoenix in generally and Scottsdale in particular,” said Cornish. “With the nation's leading population growth and a strong quality of life, Arizona continues to attract aggressive out-of-state capital looking for opportunities in growth markets like ours."

Due to flight-to-quality, Class A office buildings in Scottsdale, Tempe, Chandler, and the Camelback Corridor remain the most competitive in the Phoenix Metro with significant rent appreciation occurring across these leading submarkets, according to CBRE research.

"With 94% of our buyers coming from outside Arizona and 97% of which are in a 1031-exchange, we continue to set pricing records, as was the case for this transaction,” said Turbow. “In fact, we have three other buildings in Scottsdale right now currently in escrow for over $500 per square foot.”






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