Lee & Associates Arizona Principals Mark Linsalata, Patrick Dempsey and Jan Fincham arranged the sale of Cornwell Technology Center in Scottsdale, Ariz. for $9.9 million.
The Lee & Associates team facilitated the transaction on behalf of the seller, Andersen Equities, LLC. The buyer, KPN Industrial, LLC, was assisted by Ron Schooler and Ken Elmer of Commercial Properties Inc.
Situated on 4.78 acres at 17301 N. Perimeter Drive, the 56,634-square-foot Cornwell Technology Center consists of two freestanding multi-tenant R&D industrial buildings with high quality tenants located within the Class A Perimeter Center Business Park in Scottsdale.
“Cornwell Technology Center is attractive to investors because of its strategic location in the Scottsdale Perimeter Center, the proximity to the Scottsdale Airpark, and the long term stable income of a 100-percent occupied property,” said Dempsey.
Built in 2000 by the Cornwell Corporation, the fully-occupied asset is 100-percent air conditioned, providing high-quality space for firms with complex and precise processes requiring clean rooms and labs. The property’s tenants include:
- Hemisphere GNSS – creates innovative satellite positioning products and solutions.
- Provista Diagnostics Inc. – connects healthcare customers to best-priced supplies and services.
- Plastic Design Company – offers custom plastic design and fabrication service.
“The property features convenient access to the Loop 101 Freeway and Bell Road and has approximately 150,000 residents within a five-mile trade area,” said Linsalata. “Also, in that same trade area, there are over 10,000 businesses with over 128,000 employees. Taser International, Pulte Homes, GE Franchise Finance, US Bank, Fender Guitar and Ryland Mortgage all have offices in within the surrounding areas.”
At nearly $175 per square-foot, the sale price is indicative of a well-positioned, high-quality property.
The buyer, Andersen Equities, LLC arranged its own financing. Susan Bush of Chicago Title Company handled the escrow.