Colliers, Office, Costar, WEB

Desert Mini Storage owner buys 22KSF office building for $3.5M

Colliers International in Greater Phoenix recently completed a sale of a Class A, 22,345-square-foot office building in Scottsdale for $3.5 million, or $156 a square foot.

Spensa Management, LLC, of Minnesota purchased the building, located at 8525 E. Pinnacle Peak Road, from K2H Pinnacle Peak Place, LLC, of Vancouver, BC, Canada.

Mike Milic, vice president; Philip Wurth, vice president; and Tyler Bush, associate; all of Colliers International, served as brokers for the seller.

Joe Welchert of Phoenix Commercial Advisors served as the broker for the buyer.

Spensa Management, which owns Desert Mini Storage, plans to occupy part of the building for its local headquarters. The building is 43 percent occupied.

“The transaction represented a solid opportunity for Spensa Management to acquire a great office property at below replacement cost in a highly desirable area of Scottsdale,” said Milic.