Colliers International in Greater Phoenix sold a 41,348-square-foot multi-tenant, Class B office building in Scottsdale for $4.232 million, or $102 per square foot. The former Scottsdale Airpark Plaza building is being fully redesigned, renovated and renamed Habitat-X (known as Hab-X).
EDU3 Ventures of Scottsdale and SHOP LLC of Phoenix purchased the building, located at 13430 North Scottsdale Road, from Charles Meyer of Tucson.
The seller was represented by Mike Milic, vice president, and Tyler Bush, associate, of Colliers International.
Marc Bonilla, vice president in Colliers’ Scottsdale office, represented the buyers. Bonilla is also the president of EDU3 Ventures. Paul Johnson, former Phoenix city councilman and mayor, established SHOP LLC.
Built in 1985, Hab-X features a modern glass exterior with three floors and open roof-top deck with spectacular views that will be converted into a common space, lounge area for tenants to relax, collaborate and enjoy views of the Valley. Phase one renovations included replacing and/or repairing existing building elements improving the buildings operating efficiency, full exterior building redesign, remodeling of the first floor and underground garage.
With phase one nearing completion, phase two work has begun reconfiguring the second floor adding office and clinic space, which will become headquarters for Redirect Health of Phoenix. Founded by Johnson and Dr. David Berg, CEO of Arrowhead Health Centers, Redirect Health is a new healthcare company that provides customized healthcare solutions to help businesses navigate healthcare reform. Redirect Health is affiliated with Arrowhead Health Centers. The third and final phase including roof-top deck is finalizing design review and layout.
EDU3 Ventures was established by Bonilla two years ago focusing on redeveloping, design retrofit and conceptual adaptive reuse that appeals to the new generation of company owners and employees. This is the fourth successful project EDU3 Ventures has undertaken.
“Understanding the direction this market is moving certainly helps the success of EDU3 Ventures. There are so many unique adaptive opportunities in the Valley to repurpose for the next generation of users. I am humbled to have the ability with a great team to focus my passion and expertise to preserve its culture,” Bonilla said.
Bonilla’s company has multiple adaptive reuse projects in the East Valley expected to be delivered in 2016 and he is looking for more.
“EDU3 Ventures seeks out well-positioned infill adaptive or design reuse properties that we can redesign organically and re-tenant with innovative collaborative users that create a locally grown environment that we are proud of,” Bonilla said, adding, “The passion and thought behind our Hab-X concept was born from the need for this type of modern, open space design. The passion and commitment behind our adaptive reuse projects is simply thinking differently and understanding my tenants needs.”