Lincoln Property Company Sells Scottsdale Office For $10.5M
The Desert West Region office of Lincoln Property Company announced the sale of Chaparral Business Center VI, located at 5401 N. Pima Rd., in Scottsdale.
Salt River Development Company paid $10.5M to acquire the 69,192 SF Class A property located at the NWC of Loop 101 and Chaparral Rd.
Developed by Lincoln Property Company in 2008 along with Phase V, Chaparral Business Center VI is located in the desirable Scottsdale submarket. This modern suburban office building is 100% occupied by tenants: Move.com, Howard S. Wright and Equiant Financial Services.
Chaparral’s strong leasing history is the result of its strategic location with immediate access and visibility to Loop 101 and the Valley’s freeway systems, abundant nearby amenities and access to the largest and best educated labor force in the Metropolitan Area.
Chaparral Business Center is comprised of 6 office buildings totaling approximately 418,400 SF. With its premier location, Chaparral Business Center attracts large national tenants as well as tenants from all over Metropolitan Phoenix. Tenants include: Western International University, Regenesis Biomedical, Acclivity Healthcare, Nextiva and Keller Williams Realty. Also located in the park is the newly opened Marriott Courtyard Hotel.
“We were pleased to work with Salt River Devco on the sale of this property,” said David Krumwiede, Executive Vice President of Lincoln Property Company. “As the owner of the balance of the business park, they were the natural buyer.”
Brokers for the transaction were Jim Fijan, Tom Adelson and Jerry Roberts of CBRE.