The former Giant Industries corporate headquarters sold for $8.5 million to an investor who plans to convert the property into an assisted living facility.

Generations at Pinnacle Peak, LLC of Grand Haven, MI, acquired the property, which is located at 23733 N. Scottsdale Rd., from United Insurance Co. of America, a company formed by Kemper Corporate Services, Inc. in Chicago.

Cushman & Wakefield Vice Chairman Larry Downey represented the seller in the transaction.

The two-story building was constructed in 1989 and contains approximately 66,283 square feet of office space. The structure is situated on 3.98 acres of land just north of the intersection of Scottsdale and Pinnacle Peak roads.

“This transaction evolved into one of the more complicated and creative transactions I have been involved with,” said Mr. Downey. “The buyer evaluated the site with a keen eye towards the demographics of the area and suitability for the future assisted living usage. This prime location within the luxury housing area of North Scottsdale was well-suited for this purpose rather than a corporate office space, and the buyer’s foresight translated into an ideal solution for the property.”