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6/01/15
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A three-building, flex office portfolio in Phoenix traded for $10.5 mil, or $165/sf. The buildings are located in McDowell Mountain Business Park, a segment of metro Phoenix that for years has sustained a sub 10-percent vacancy rate for its Class A flex office and industrial space.
The portfolio contains 63.8k sf of institutional-grade flex office space located at 9171 E. Bell Rd, 9181 E. Bell Rd and 16611 N. 91st St in Scottsdale – at the southeast corner of Bell and 91st St, just off of the Loop 101 freeway. All three buildings feature modern architecture, high ceilings and roll-up doors to accommodate high-profile retail showroom businesses and office users.
The portfolio sits within the McDowell Mountain Business Park, which totals more than 2.2 msf of office, flex and industrial space designed for tenants needing quality space in a premier Scottsdale Airpark location.
The buyer, California-based Crown West Realty and Development, represented itself in this sale. Brian Ackerman of JLL repped the seller, Aegis I LLC. Michelle Gardner with Shell Commercial will continue to handle leasing for the new owner.
“This is a niche area of the northwest Valley that appeals to tenants looking for superior office, flex or industrial space,” said Ackerman. “It’s less than one mile from two Loop 101 freeway interchanges and only a few miles from the Scottsdale Airport, McDowell Mountains and some of the Valley’s most elite executive housing, retail and dining. The location, combined with the quality construction of these three buildings, will definitely stand the test of time.”
According to JLL, the combined vacancy rate for the park’s 50 buildings has remained at sub-10 percent throughout the recession. That rate is even lower today, now at a combined 5.2 percent vacancy. At the same time, rental rates in McDowell Mountain Business Park have continued to increase, with many buildings now hitting $1.00 per-square-foot NNN and higher for quality Class A product.
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