CBRE announced the sale of an 8.24-acre site located at the southwest corner of Raintree Drive and 87th Street in Scottsdale, Ariz. The land commanded a sale price of $11.5 million.
Barry Gabel, Chris Marchildon, Will Mast and Mitchell Stravitz of CBRE represented the seller, Liberty Property Trust, in the transaction. The buyer was Trammell Crow Company (TCC), one of the nation’s leading developers and investors in commercial real estate. Bryan Taute, also of CBRE, will be retained by TCC as the exclusive leasing agent for the future planned development.
The infill site features a high-profile location within the Scottsdale Airpark submarket with over 1,000 square feet of frontage on Raintree Drive. The land is positioned adjacent to Vanguard’s regional headquarters and nearby to numerous corporate tenants, including Republic Services, Hartford Insurance, American Express, Choice Hotels, Morgan Stanley and Fender.
“Trammell Crow Company’s acquisition of one of the last remaining fee-simple Scottsdale Airpark land sites presents a rare opportunity for new development and the ability to capture users seeking large blocks of space in north Scottsdale,” said CBRE’s Gabel.
The property is easily accessible from the Loop 101 Freeway, via a full-diamond interchange with Raintree Drive. The area is also a leading retail destination with proximity to Kierland Commons, Scottsdale Quarter and Scottsdale Promenade and features access to world-class resorts including the Westin Kierland, the Fairmont Scottsdale Princess and the JW Marriott Desert Ridge. Furthermore, Scottsdale Municipal Airport, one of the busiest single-runaway facilities in the nation, with over 168,000 take offs and landings per year, is located approximately five minutes away from the property.