Cutler, headed by Clifford J. Cutler, has taken the title to Airpark Suites in the Scottsdale Airpark. Airpark Suites is a 50,300-sf, multi-tenant facility, that includes buildings at 7740-7755 E. Redfield Rd. and 7745-7755 E. Gelding Dr. He also purchased Little Acoma, located at 7821 E. Acoma Dr., a 12,043-sf, single-tenant structure. Airpark Suites and Little Acoma are 85% and 100% leased, respectively. The holdings are situated within a block of each another.
The Scottsdale Airpark area has been one of the most popular areas of office and industrial tenants in the past few years. Demand has only increased with the opening of Loop 101, which is about a mile east, and the impending completion of east-west section of the loop, which is expected in early 2002. At the end of Q2, vacancy rate in the northeast Phoenix and Scottsdale area was 4.09% in comparison to the Valley's overall average of 6.25%.
The Phoenix office of CB Richard Ellis, with brokers Susan Evans and Bruce Campbell, represented seller Catellus Development Corp. of San Francisco, which recently developed the properties. Cutler used an in-house broker to negotiate the transaction.
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