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8/17/17
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Clayton Companies purchased a two-story, 7.7k sf building in Scottsdale, AZ for $1.65 mil ($214/sf). The property was sold by Arts District Lofts LLC.
The property, located at 3944 North Marshall Way, on the southwest corner with 1st Ave, right in the heart of the Arts District in Old Town Scottsdale, was originally built in 1953, and completely remodeled in 2001. A live-work-play asset, the property consists of one large showroom with vaulted ceilings along with several offices on the first floor, and a residential studio on the second floor.
Michael Kitlica with Cushman & Wakefield consulted for the buyer. Walt Danley and Tom Snyder of Walt Danley Realty repped the seller in the deal. According to Kitlica, the purchase will be a long term hold for Clayton, who is currently evaluating how best to reposition this asset for future tenants.
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