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Industrial Building Fetches One of Highest Prices/SF in Scottsdale History, Sells for $5 Million

Investment property well located directly across from Scottsdale Airport

Cushman & Wakefield announced today the firm has brokered the sale of a 27,785-square-foot industrial property located at 7645 East Evans Road in Scottsdale, Arizona for $5 million. The multi-tenant asset was near fully leased at the time of sale. The property was acquired by At The Car Wash, an investor. The seller was Provident Holdings, Ltd.

Michael Kitlica, Senior Director with Cushman & Wakefield in Phoenix represented the seller.

“An unsolicited offer for this asset at an unparalleled cap rate compelled us to move forward with the sale,” said Michael Kitlica. “Given its vintage, 7645 Evans commanded one of the highest per square foot industrial sales on record for Scottsdale that will accommodate the buyers intended use with the minimal space available in the asset.”

Built in 1984, the property is located at the corner of Evans Rd and 76th Place (which will eventually be renamed Raintree Drive), and can accommodate a multitude of uses including office, industrial and showroom. The building is 100% air conditioned and was nearly 80% occupied at the time of the close. The asset is close proximity to Scottsdale Quarter and Kierland Commons, making it one of the most coveted industrial submarkets in Arizona.