Stephen E. Lee and Todd and Betty Stansbury bought the Plaza Leyanda on the northeast corner of Frank Lloyd Wright and Shea boulevards in a deal that gave the buyers a year-old, single-story, garden-style office complex with three long-term tenants. "They liked the location, the newness of the building and its potential," John Amory with the Phoenix office of CB Richard Ellis Inc. tells GlobeSt.com. "It's a very attractive building in a growing area of Scottsdale."

The Scottsdale office building, developed and owned by Shea 17 LLC of Scottsdale, drew the interest of several investors when it was placed on the market. It went into escrow almost immediately, the broker noted. "There were some interested buyers, but I was able to get my buyer in the door first," Amory said.

Amory said the 10609 N. Frank Lloyd Wright Blvd property is the trio's first venture into the office market. The group also owns other properties in the area, he said.

The building is occupied by First American Title, Russ Lyon Realty and Smiles by Design, all of which have leases ranging from five to seven years. Amory said an additional 4,000 sf is available for lease, with the full-service rent quoted at $27 per sf.

Amory and Susan Mendonca of CB Richard Ellis' Phoenix office represented the buyers in the transaction. The seller was represented by Neal Waldman of Shea Commercial in Scottsdale.

Instant Insights /

First-Time Office Buyers Spend $3M for Plaza Leyanda

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