Irgens – Phoenix has announced the $6.6 million acquisition of an office project at Perimeter Center in North Scottsdale. The property includes a single-building and land for the development of a second building.
The Class A office building is located at 17200 N. Perimeter Dr. and contains approximately 42,700 square feet of space. The acquisition of the office building includes the 6.54 acres on which it is built. Irgens plans to reposition some existing parking area to create space to develop an additional office building approximately the same size as the existing phase one structure. The second phase will be a build-to-suit development.
“This opportunity appealed to us because of its prime location in the North Scottsdale submarket and the value add benefits that can be realized in the lease-up of the current building,” said Jason Meszaros, Vice President/Market Manager for Irgens. “The North Scottsdale asset is a great addition to our portfolio, as this is a key office submarket that is experiencing strong demand. As the commercial real estate market improves, we anticipate positive results for both the lease up of the existing building, as well as tenant interest in the future development.”
Irgens continues to actively seek strategic acquisition and development opportunities to add to its growing portfolio of commercial and medical offices in the greater Phoenix metropolitan market.
Seller: Waitt Perimeter Office LLC
Broker: Jerry Noble, Greg Mayer and Pat Devine of Cushman & Wakefield negotiated the sale and have been retained by Irgens to handle leasing of the property and marketing of the build-to-suit.