Colliers International Completes $1.5 Million Sale of Scottsdale Law Firm Sale Leaseback

Colliers International in Greater Phoenix recently completed the sale of a 6,000-square-foot freestanding office building for $1.5 million, or $250 a square foot. The Scottsdale office building located in the Indian Bend Corporate Centre currently houses the Law Offices of Margrave Celmins, P.C.

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8171 E. Indian Bend Rd, LLLP of Scottsdale traded the property, 8171 E. Indian Bend Rd., #145, to Y I ranches, LP, of Southern California, in a 1031 exchange transaction.

 

Marc Bonilla, a vice president in Colliers’ Scottsdale Office, represented both parties involved in the transaction.

 

The sale marks the highest price per square foot paid in the Indian Bend Corporate Centre post-recession to date.

 

Bonilla stated the investment fundamentals were strong. The tenant profile supported asset value in a highly desirable Scottsdale location. “It’s becoming particularly difficult for private capital investors to find quality product in this size and price range at attractive yield levels in Scottsdale,” Bonilla said.

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