Wolff beat out 11 other buyers to claim the 80,594-sf, class B building, says Bob Young, a first vice president with CB Richard Ellis Inc. He and CBRE's Steven Brabant, Glenn Smigiel, Rick Abraham, Jim Fijan and Jerry Roberts partnered on the sale for Presidio, which is disposing of its entire Phoenix portfolio.
Highland Park is positioned at 4725 N. Scottsdale Rd. near the corner of Scottsdale and Camelback Roads directly across from Scottsdale Fashion Square Mall. "Wolff is buying a piece of land next door to build condos on it so Presidio thought that they would close the deal because they had a motivation to purchase it," Young tells GlobeSt.com. "It's really situated right a ground zero for downtown Scottsdale."
Built in 1982, the three-story building was 77% occupied at sale time. The tenant roster includes Concord Servicing Corp., Davita and Cornerstone Advisors. The building leases for $21.50 per sf.
Presidio Investments recently sold the 138,000-sf Four Gateway, a class A office building, for $20.5 million to Woodland Hills, CA-based Younan Properties Inc.
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