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5/27/20
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A 39.5k sf creative office property and airplane hangar in the Scottsdale Airpark sold for $8.53 mil ($216/sf). The asset, located at 7350 E. Evans Rd, was acquired by Los Angeles-based Route 66 Properties LLC as part of a 1031 exchange.
The property, which was 72% leased at the time of sale, is situated on 2.62 acres along the southwest portion of the prestigious Scottsdale Airpark, offering immediate runway access. It comprises four office buildings totaling 33.4k sf and a 6.1k sf airplane hangar.
The office complex recently underwent a $2 mil renovation that added hard lit ceilings, generous clear height, abundant glass line, an open courtyard, exposed duct work, concrete floors and an open office environment. The hanger building features 20-foot clear door height, storage bays equipped with sodium vapor lighting, block windows and folding metal aircraft doors. Ten percent of the hanger is improved as office space.
Tenants of the property benefit from its strategic central Scottsdale Airpark location, which is within walking distance to an abundance of shopping, dining at retail amenities at Thunderbird Square retail center, Scottsdale Quarter and Kierland Commons. The property is within minutes to the North Loop 101, providing access to Greater Metro Phoenix.
Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix/Vegas, and Brad Anderson, Michael Strittmatter and Lauren Anderson of CBRE in Phoenix, represented the seller, ICIC Commercial Investments.
“With modern open floor plans, abundant natural light and designated collaboration and social spaces throughout, 7350 East Evans is a perfect example of ‘today’s office space’ that is critical in attracting and retaining top talent not only in the tech sector, but also the more traditional office tenants that are embracing this new way of working,” said Turbow. “The transaction further demonstrates the extent that out-of-state investors, looking for attractive yields, are flocking to such high-growth markets as Phoenix, where they can acquire value-add assets at relative value and where the runway for growth remains robust."
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