CBRE recently completed the sale of Scottsdale Executive Office Center, a 181,238-square-foot Class A office campus located at 15880, 15990 and 16100 N. Greenway-Hayden Loop in Scottsdale, Ariz. Total consideration for the sale was $37.5 million.
Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller, Phoenix-based Perry Investment Trust No.1 LLC.
The buyer was California-based Kramer-Wilson Company Inc. This is the third of four office properties that Kramer-Wilson Company has purchased in the greater Phoenix market since last November, totaling nearly a half-million square feet.
“Scottsdale Executive Office Center is a unique office campus located within the heart of the Scottsdale Airpark,“ said CBRE’s Gabel. “The property offers timeless architecture, a large and desirable site area with strong parking, and credit tenancy. The one-story buildings with high ceilings and lush garden breezeways are optimal for the creative office designs that are conducive for today’s collaborative workspace environments.”
Located near Scottsdale Airpark and with access to Loop 101, the multi-tenant property was constructed in 1997 and features seven freestanding buildings. The property features Class A building improvements, mature landscaping, exterior premises entries, covered canopy parking, electric car charging stations and close proximity to premier retail and dining destinations including Scottsdale Quarter, Scottsdale Promenade and Kierland Commons.
“We could not be more pleased to add Scottsdale Executive Office Center to our office portfolio,” said Brian Gibbons with Kramer-Wilson Company, Inc. “We are big fans of this vibrant and infill submarket and believe strongly in its sustainability due to the numerous economic drivers in the area.”