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November 15, 2019
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TEXAS/SOUTHWEST NEWS
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Scottsdale Office Property with Airport Hangar Sells for $3.3 Mil

8/16/19

A 16.9k sf building on 1.4 acres of land in the Scottsdale Airpark submarket of Scottsdale, AZ, traded hands for $3.3 mil ($195/sf). The property, located at 16009 N. 81st St, includes office space and an airport hangar.

Originally constructed in 2000, the building is comprised of two stories of garden-style office space and an attached aircraft hangar. It is considered a prime asset due to its direct taxiway access.

Kirk Jenkins with DAUM Commercial Real Estate Services represented the buyer, Scottsdale Airpark LLC. Steve Bodeman, also with DAUM, repped the seller, Kachina Investments LLC, in the off-market transaction.

According to DAUM, the building has been very well maintained and both the exterior and interior were recently painted. This was appealing to the buyer and helped secure a competitive price for the seller, compared to other properties of this vintage in the submarket.

“This was a rare opportunity for the buyer to bolster their portfolio with a signature acquisition in a premier greater Phoenix area location,” explains Jenkins, noting that Scottsdale Airpark is seeing an influx of new construction, and thriving companies in the submarket are anticipated to add a significant number of jobs in the coming months. “In addition to establishing a foothold in the Scottsdale Airpark submarket, the new owner will benefit from strong immediate cashflow, since the multi-tenant asset is fully leased to several diverse businesses.”






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