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7/01/22
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Gainey Ranch Town Center I & II, two Class A office buildings totaling 126.5k sf in the upscale Gainey Ranch trade area of Scottsdale, AZ, sold for $33 mil ($260/sf). The assets were sold by Gainey Ranch Town Properties Inc.
Gainey Ranch Town Center I & II consists of two, three-story buildings located at 7702 and 7600 Doubletree Ranch Rd that were each built in the late 1990s. Situated on 3.92 acres of land, the buildings are built over a two-level, elevator served subterranean parking garage with 488 open-surface parking spaces. The location is very close to many world-class amenities and destinations and near the prestigious community of Paradise Valley.
Eric Wichterman, Mike Coover, Steve Lindley and Alexandra Loye with Cushman & Wakefield represented the buyer, Idaho-based Alturas Gainey Ranch LLC, in the transaction. Ben Geelan, Will Mast and Lynn Lachapelle of JLL repped the seller. Cushman & Wakefield’s Scott Boardman and Kristina Cutillo have been retained by the new owner for project leasing.
“Phoenix Metro property remains desired by out of state investors, and our client was fortunate to acquire these two premier Class A assets that have been institutionally owned and maintained for over two decades,” said Wichterman. “The property has performed remarkably well, with four new lease deals agreed to over the course of the last few months and during escrow, representing over 25% of the total square footage in the buildings.”
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