Spire Office Group LP from Scottsdale, AZ, acquired the 7301 E. Sundance Trail property with a plan to convert it into office condominiums. The buyer was represented by Rey Castillo of EBS & Associates in Scottsdale.
According to Netty Wisbaum of Cuellar Realty Services Inc. in Phoenix, the owner, King Commercial Investments in Carefree, developed the property in 1997 and was ready to move on with other opportunities. "She had many of the same clients still there from Day 1," adds Wisbaum, who, with colleague Steve Sample, represented the seller. "It's a beautiful property; the seller did a great job developing it." The office complex was 75% leased at the time of closing.
Wisbaum tells GlobeSt.com that the property had been on the market for several months and received an initial offer that never made it to escrow. "Carefree is an area-specific market that's a distance from Scottsdale, which made it a challenge to market," she explains. "But we were able to get the seller's full asking price on this."
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