Cushman & Wakefield announced today that 8700 East Via de Ventura sold to Alvarado Realty of Albuquerque, New Mexico for $7.7 million.
Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley and Associate Ben Geelan with Cushman & Wakefield represented the seller in the transaction, TA Realty of Boston.
8700 East Via de Ventura is a three-story office building, totaling 50,789 square feet and is currently 92.6% occupied. Built in 1986, the property has timeless architectural appeal with ample glass-lines, modern exterior design, contemporary interior finishes and abundant parking spaces.
“The appeal of a stable rent roll, upside in rent and a Scottsdale address set 8700 East Via de Ventura an outstanding opportunity to the investor to acquire a quality office investment in one of Phoenix’s most desirable submarkets,” added Buckley.
Encompassing 2.27-acres, 8700 East Via de Ventura is well located in central Scottsdale’s McCormick Ranch community, offering high-end residential, resorts, golf courses, dining and shopping area. The property offers easy access being less than one mile from two full-diamond interchanges with Loop 101 Pima Freeway, at Via de Ventura and at Pima Road/90th Street.
“The property’s outstanding location dynamics and Scottsdale’s prestigious address continue to be attractive to tenants,” added Buckley.