CBRE announced the sale of Scottsdale Professional Building, a 76,996-square-foot, Class A office property in Scottsdale, Ariz., to a private investor for $15.9 million.
CBRE’s Barry Gabel and Chris Marchildon represented the seller, Double Anchor Investments. The buyer was represented by Jason Reddington with LevRose Commercial Real Estate.
Scottsdale Professional Building is a three-story, multi-tenant office property located at 14301 N. 87th Street. The building offers frontage and visibility along the Loop 101, with freeway access at Raintree Drive.
The building was 62 percent leased at the time of sale to 55 tenants and has maintained an 88 percent average occupancy over 10 years. Suites at the property feature HVAC units that are individually metered for electricity.
The interior courtyard is professionally landscaped with an expansive rock water feature and multiple outdoor seating areas.
“Scottsdale Professional Building is a Class A property that offers its tenants the ability to control their health and wellness in a self-contained, exterior loaded office environment in one of the premier office submarkets across the country,” said CBRE’s Gabel. “The area surrounding the property offers a myriad of retail and restaurant options and is rapidly becoming a strategic infill location with the development of new multifamily and office within proximity to the building.”
The property is situated within the Scottsdale Airpark submarket, which recorded 277,521 sq. ft. of positive net absorption through the third quarter, the most of any other submarket in metro Phoenix area, according to CBRE Research A recent survey of commercial real estate investors ranked Phoenix as a top-10 target among Americas metros. The Sun Belt market jumped five spots to #4 in CBRE’s 2021 Americas Investor Intentions Survey.