Portland-based Harsch Investment Properties announced its acquisition of Scottsdale Airpark Commerce Center for $17.5 million. The property features four buildings totaling 120,433-square-foot of rentable space on 10 acres with and is 90 percent occupied by multiple tenants at the time of sale.
Located at 8212 and 8224 E. Evans Road and 14555 and 14557 N. 82nd Street in the heart of the Scottsdale Airpark, one of metro Phoenix’s most prestigious and desirable submarkets, Scottsdale Airpark Commerce Center has immediate access to the east-west and north-south branches of the Loop 101 Freeway which allows strategic access to one of the most educated and qualified workforces in Arizona.
“We are very excited about adding the Scottsdale Airpark Commerce Center to our Phoenix holdings,” said Jordan Schnitzer, President of Harsch Investment Properties. “We will begin construction soon on 563,000 square foot project in Chandler, as well as a 250,000 square foot project in Goodyear. Phoenix continues to have solid and steady growth, even during the COVID-19 pandemic.”
Tracy Cartledge, Steve Lindley, Bob Buckley and Michael Kitlica of Cushman & Wakefield’s Phoenix office represented Fadden Enterprises in the transaction. The manufacturing/warehouse facility was constructed in the early 1980s, while the remaining three general industrial buildings were constructed in 2006.
“We have been evaluating the Scottsdale Airpark submarket for several years, looking for an opportunity to add value to a project through our hands-on long-term ownership business model,” said Bill Rodewald, Senior Vice President and San Diego & Arizona Regional Manager. “We were thrilled to find and acquire Scottsdale Airpark Corporate Center and look forward executing our plan to improve the property and better serve our tenants.”