CBRE announced that a joint venture between real estate investment firm Global Mutual and funds managed by Rialto Capital Management purchased a 153,705 square-foot corporate headquarters site in Scottsdale, Ariz. for $25 million.
CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller in the transaction.
The three buildings at 14455, 14505 & 14555 North Hayden Road, sit on an approximately 14.1-acre site within the prestigious Scottsdale Airpark Office Submarket. The buildings, which were 100 percent vacant at the time of sale, boast a state-of-the-art creative campus, featuring high-end office improvements, fitness center, gym, audio/visual recording studio, and a “town hall” conference facility.
The new owners intend to make the buildings immediately available for lease and will market them with the help of CBRE’s Sean Spellman, Corey Hawley and Jimmy Cornish.
“This office campus, which is centrally located in the prestigious Scottsdale Airpark office submarket, provides the new owner with tremendous upside with minimal capital necessary for repositioning and some of the best and most modern creative office improvements in the Phoenix Metro area,” said Gabel.
Added Marchildon, “In fact, the buyer already has prospective tenants interested in leasing space within the office campus.”
Through the second quarter of this year, the Scottsdale Airpark lead the Metro Phoenix area in office net absorption totaling 394,753 square feet as compared to 60,218 square feet in the next closest submarket, according to CBRE research. Even through the pandemic, the submarket has performed resiliently and is home to some of the highest rents in metro Phoenix, and numerous corporate and regional headquarters. It is also within proximity to the Loop 202 Freeway and provides nearly 2,200 feet of frontage along Crismon Road.