The two-building, 58,256-sf property at 6750 E. Camelback Rd. in Scottsdale, right across the road from the upscale Scottsdale Fashion Square Mall, drew a number of high-ticket offers during its three months on the market, including one topping the near $9-million asking price of seller Dimension Financial & Realty Investments Inc. It was International Capital's proven track record in closing deals, however, that won the investment giant its latest holding, Raymond Cashen with Cashen Realty Advisors in Phoenix tells GlobeSt.com. "We had several offers in the same range, but we thought this was the most qualified buyer," says the lone broker on the transaction.
Situated on the northwest corner of 68th Street and Camelback Road, Continental Center consists of a two-story structure with about 38,000 sf and a single-story building of nearly 20,000 sf. The complex is about 85% leased to tenants that include Pearson PLC, the London-based owner of the Financial Times, and Simon & Schuster.
Cashen says the property's strong tenant base with leases that expire in three to five years made the complex an attractive investment venture for International Capital Partners, which plans to turn about 8,500 sf of the vacant offices into executive suite rentals. As for the seller, Dimension Financial is looking for exchange properties in which to invest the profits, he adds.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.