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12/23/21
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Scottsdale Professional Building, a 77k sf, Class A office property in Scottsdale, AZ, was purchased by a private investor for $15.9 mil ($206/sf).
Scottsdale Professional Building is a three-story, multi-tenant office property located at 14301 N. 87th St. The building offers frontage and visibility along the Loop 101, with freeway access at Raintree Drive.
The building was 62% leased at the time of sale to 55 tenants and has maintained an 88% average occupancy over 10 years. Suites at the property feature HVAC units that are individually metered for electricity. The interior courtyard is professionally landscaped with an expansive rock water feature and multiple outdoor seating areas.
CBRE’s Barry Gabel and Chris Marchildon represented the seller, Double Anchor Investments. The buyer was repped by Jason Reddington with LevRose Commercial Real Estate.
"Scottsdale Professional Building is a Class A property that offers its tenants the ability to control their health and wellness in a self-contained, exterior loaded office environment in one of the premier office submarkets across the country,” said CBRE’s Gabel. "The area surrounding the property offers a myriad of retail and restaurant options and is rapidly becoming a strategic infill location with the development of new multifamily and office within proximity to the building."
The property is situated within the Scottsdale Airpark submarket, which recorded 277.5k sf of positive net absorption through the third quarter, the most of any other submarket in metro Phoenix area, according to CBRE Research. A recent survey of commercial real estate investors ranked Phoenix as a top-10 target among Americas metros. The Sun Belt market jumped five spots to #4 in CBRE’s 2021 Americas Investor Intentions Survey.
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