CBRE has completed the sale of 7272 Old Town, class A office building located at 7272 E. Indian School Road in Scottsdale, Ariz. According to public records, the 154,764-sq.-ft-building sold for $40.05 million.
Jim Fijan and Will Mast with CBRE’s Phoenix office negotiated the transaction. The seller was a joint venture between Lowe Enterprises and J.P Morgan Asset Management, both of Los Angeles, Calif. The buyer was the Alternative Investments & Manager Selection (AIMS) Real Estate Group, a business unit within Goldman Sachs Asset Management.
“7272 Old Town offered an exceptional opportunity to acquire a core asset in one of the Valley’s most sought after submarkets,” said CBRE’s Fijan. “This sale represents a strong indication of continued demand for well-located assets in amenity-rich village cores. With an office submarket that continues to outperform most of the Valley, investors will continue to seek opportunities in South Scottsdale.”
Fijan points out that since 2011, South Scottsdale has averaged more than 145,000 sq. ft. of annual positive net absorption, and he expects rental rates for the area to post strong growth in the coming quarters.
Located at the northeast corner of Scottsdale and Indian School Roads, 7272 Old Town offers companies one of the premier office addresses in the Valley as well as immediate access to a pedestrian-friendly live, work, play environment. At more than 98 percent occupied at time of sale, the property is home to a number of high-profile tenants including, Cornerstone Advisors, Colony/Argo, Regus and Nestle, among others. Due to the building’s impeccable location, tenants have access to numerous high-end retail, dining and hospitality/hotel options all within walking distance.