Cassidy Turley announced the $2.1 million ($247.06/psf) sale of SAARS Building, a Class-B office building at 4221 N. Scottsdale Rd. in the Scottsdale, Ariz., submarket. Phoenix-based 4221 Scottsdale LLC / TradeCor LLC purchased the property from Scottsdale-based Scottsdale Area Association of Realtors (SAARS).
Cassidy Turley Managing Director Mark Bramlett, Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover negotiated the transaction on behalf of the seller and buyer.
Built in 1982, SAARS Building is a two-story, ±8,500 square foot office building on .57 acres located in the heart of the Old Town Scottsdale entertainment district at Scottsdale Road and 4th Avenue. The Scottsdale Area Association of Realtors occupied the building since 1982 and recently purchased a building at the Scottsdale Airpark for its new headquarters. No details have been disclosed for redevelopment at this time.
“We are anxious to watch the evolution of this site in the near future,” said Mr. Bramlett. “Based on its zoning, the property has the potential to be redeveloped as a restaurant, bar or for numerous other adaptive reuses.”