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10/07/21
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A joint venture between real estate investment firm Global Mutual and funds managed by Rialto Capital Management purchased a 153.7k sf corporate HQ property in Scottsdale for $25 mil ($163/sf).
The three buildings sit on roughly 14 acres at 14455, 14505 and 14555 North Hayden Rd, within the prestigious Scottsdale Airpark Office Submarket. The buildings, which were 100% vacant at the time of sale, boast a state-of-the-art creative campus, featuring high-end office improvements, fitness center, gym, audio/visual recording studio, and a "town hall" conference facility.
The new owners intend to make the buildings immediately available for lease and will market them with the help of CBRE’s Sean Spellman, Corey Hawley and Jimmy Cornish. CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller in the sale transaction.
“This office campus, which is centrally located in the prestigious Scottsdale Airpark office submarket, provides the new owner with tremendous upside with minimal capital necessary for repositioning and some of the best and most modern creative office improvements in the Phoenix Metro area,” said Gabel.
Through the second quarter of this year, the Scottsdale Airpark leads the Metro Phoenix area in office net absorption totaling 394.8k sf as compared to 60.2k sf in the next closest submarket, according to CBRE research. Even through the pandemic, the submarket has performed resiliently and is home to some of the highest rents in metro Phoenix, and numerous corporate and regional headquarters.
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