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6/01/17
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Discount Tire Company has purchased its 157.6k sf, corporate HQ office building in Scottsdale, AZ for $40.2 mil ($255/sf) in an all-cash transaction. The two-story, Class A facility was constructed in 2002 by Opus West Corp under a build-to-suit arrangement with Discount Tire Company’s founder, Bruce Halle.
The property, located at 20225 N Scottsdale Rd, at the corner with Thompson Peak Pkwy, has been leased by Discount Tire for the 15 years since its completion. The 5.9-acre, corporate headquarters site is located within the prestigious Grayhawk community, surrounded by approximately 10 acres of undeveloped land that is also owned by Halle.
The property was sold by Tucson-based Holualoa Thompson Peak LLC, who acquired the asset in November of 2004 for $31.4 mil. Marc Bonilla and Jim Keeley of Colliers International represented both parties in the transaction.
According to Bonilla, the price Halle Properties paid for the asset is well below replacement cost. And the value of the asset is particularly enhanced by the adjoining 10 acres also held by Halle, providing Discount Tire unfettered control of any such growth and expansion projections moving forward. Discount Tire Company and America’s Tire is the world’s largest tire and wheel retailer with more than 900 stores in 31 states.
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