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May 22, 2024
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Presson Companies Buys 143k sf AZ Office Asset from LPC Desert West in $26.5 Mil Deal


Gainey Center, a three-story, 143.7k sf Class A office building in Scottsdale, AZ, was acquired by Presson Companies, headed by long-time Phoenix commercial real estate investor Daryl Burton, for $26.5 mil ($184/sf). The property was sold by Lincoln Property Company’s Southwest division, LPC Desert West (LPC).

Gainey Center sits on 4.67 acres at 8501 N. Scottsdale Rd, just south of Doubletree Ranch Rd, and offers 500 sf of frontage along the prestigious Scottsdale Road Corridor. It is situated within the upscale Gainey Ranch community, one mile from the Loop 101 freeway and adjacent to more than 30 premier restaurants, shops, hotels and fitness centers.

Other amenities of Gainey Center include functional floor plates, private tenant balconies, on-site security, a covered garage parking with a 3.6/1000 parking ratio, and premium views of Camelback Mountain, the McDowell Mountains and Mummy Mountain.

Gainey Center is surrounded by executive housing and one of the highest concentration of decision makers in metro Phoenix, as well as award-winning destinations like The Shops at Gainey Village luxury retail center, Camelback Golf Club, Gainey Village Health Club and a variety of restaurants.

During its ownership, LPC deployed numerous capital improvement strategies designed to preserve and improve the sophisticated environment of Gainey Center. This included an extensive renovation to the building’s executive-style lobby, which features a 22’ atrium with upgraded seating and contemporary artwork. Additional upgrades were made to building corridors, restrooms, elevator banks and mechanical systems. Landscape plans and wayfinding/signage systems were modernized as well, to include the building’s prominent monument signage along Scottsdale Road.

Gainey Center was part of a 2017 LPC campaign to upgrade millions of square feet of its local office space to ENERGY STAR, indicating commercial buildings that use an average 35% less energy than a typical building and release 35% less carbon dioxide into the atmosphere.

Barry Gabel and Chris Marchildon of Newmark represented LPC in the building sale.

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