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11/15/23
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Scottsdale Northsight, a 138.7k sf, Class A multi-tenant office building in Scottsdale, AZ, was acquired by PREG Scottsdale LLC in a $26.5 mil ($191/sf) transaction. Located at 14350 North 87th St, the three-story building is currently 69% leased.
Scottsdale Northsight resides prominently within the Scottsdale Airpark and enjoys fast access to the Loop 101 freeway. The property is situated within what is arguably one of the finest locations in terms of amenities and upscale executive housing.
Chris Toci, Eric Wichterman and Mike Coover with Cushman & Wakefield’s Capital Markets and Private Capital Group teams in Phoenix represented the seller, MIREF Northsight LLC, in the transaction. According to Toci, a significant portion of the building’s tenant suites were recently constructed into best-in-class spec suites that were well received and leased rapidly.
“With an average suite size of just over 7k sf and suites that mostly range between 2k sf and 8k sf, Scottsdale Northsight is perfectly positioned to take advantage of the thriving small and medium size tenant market,” noted Wichterman “The property is blessed with floor plates that have bay depths and multi-tenant configurations which perfectly accommodate smaller tenants—key characteristics of office buildings that have performed exceptionally well in current market conditions.”
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