Cushman & Wakefield completed the sale of Monark Center at 15500 North Greenway-Hayden Loop in Scottsdale, Arizona. Private investor Max H. Baril purchased the property for $8.65 million.
The seller, Enright Capital of Calgary, Alberta, was represented by Tracy Cartledge, Bob Buckley, Steve Lindley and Ben Geelan of Cushman & Wakefield.
Monark Center is a 43,550-square-foot, high-quality, showroom and industrial building in the heart of the Scottsdale Airpark. Built in 1996, the project provides high-image architecture and functional features, including significant glass line and attractive architectural detail. Currently configured into four suites, Monark Center is 100% occupied by Today’s Patio, Emser Tile, Weather Shield and Monark Premium Appliance Company with tenant commitments that average more than 16 years.
Surrounded by some of Metro Phoenix’s best and most prestigious mixed-use developments, Monark Center is adjacent to Scottsdale Quarter and Kierland Commons. The success of these mixed-use developments has attracted nearly a half-billion dollars of new development, including the $300 million Optima project under construction one half-mile west.
“The location and market dynamics create an excellent opportunity for outstanding operational performance for Monark Center. The project is positioned for strong occupancy, increasing rents and significant value enhancement,” said Cartledge.