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.
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.