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10/29/21
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A 27.8k sf industrial property in Scottsdale sold to At The Car Wash, an investor, for $5 mil, or $180/sf. The multi-tenant asset, located at 7645 East Evans Rd, was near fully leased at the time of sale.
Built in 1984, the property is located at the corner of Evans Rd and 76th Place (which will eventually be renamed Raintree Drive), and can accommodate a multitude of uses including office, industrial and showroom. The building is 100% air conditioned and was nearly 80% occupied at the time of the close. The asset is close proximity to Scottsdale Quarter and Kierland Commons, making it one of the most coveted industrial submarkets in Arizona.
Michael Kitlica with Cushman & Wakefield in Phoenix represented the seller, Provident Holdings Ltd.
“An unsolicited offer for this asset at an unparalleled cap rate compelled us to move forward with the sale,” said Kitlica. “Given its vintage, 7645 Evans commanded one of the highest per square foot industrial sales on record for Scottsdale that will accommodate the buyers intended use with the minimal space available in the asset.”
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