34,500-SF Scottsdale Building Delivers $110 per SF

Cooney & Associates Inc. of Durango, CO acquired the 34,500-sf combo office, warehouse and showroom property from J&R Partnership Holdings LLC, a locally based investment group. The fully occupied, multi-tenant building is situated at 14885 N. 83rd Place on a 3.1-acre tract. It brought $3.8 million at the closing table.

Tracy Cartledge, Insignia/ESG's managing director of the capital advisors group in Phoenix tells GlobeSt.com that the C4 classification was a primary factor in the sale. "It's an all-encompassing category," he explains. "I can't guarantee it, but I don't think the city will every grant more of this type." He says the zoning classification was aimed at restricting locations for automotive-related industries. In fact, the parcel is one of the few carrying the C4 rating in Scottsdale Airpark.

In addition to Cartledge, the Insignia team representing the buyer consisted of Robert Buckley, senior managing director; Steve Lindley, managing director; and Michael Kitlica, associate. Randy Schell of Phoenix-based B-H Enterprises negotiated the deal for the seller.

Cartledge says the buyer was equally "intrigued by the long-term dynamics of Scottsdale." That, simply put, means there is a dwindling supply of commercial land. Factor in the city's quality of infrastructure and tenants' affinity for a Scottsdale address and the seller had the leverage needed to push the price to a bit more than $110 per sf.