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7/22/26
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A 13.5k sf boutique office building in Scottsdale, AZ was acquired for $4.7 mil ($347/sf) by a Midwest-based owner/user seeking a base in the Phoenix area. The seller, Kraken Holdings LLC, had occupied the building as an owner-user and completed partial renovations featuring high-end finishes during their tenure.
Built in 2003 and located near Loop 101, the two-story building is located at 7020 East Acoma Dr. It features glass, steel and masonry construction, efficient floor plates and surface and covered parking, supporting full-building or multi-tenant configurations.
The Kierland/Scottsdale Airpark corridor is one of Arizona's most supply-constrained office locations, where assets of this size and quality rarely trade. The property generated multiple offers and went under contract in 21 days, closing eight days ahead of schedule at 95.2% of asking price. The sale included a comprehensive FF&E package, delivering fully furnished conference rooms, workstations, server infrastructure and security systems at close.
CBRE's Geoffrey Turbow represented the seller in the deal.
According to CBRE Research, the Northeast Valley/Scottsdale office submarket recorded a vacancy rate of 15.1% in the fourth quarter of 2025, the lowest in Metro Phoenix, reflecting strong tenant demand and limited available supply.
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