Evolution Investments, a limited liability company formed by tenant Vertical Mapping Resources, a firm that compiles aerial maps for municipalities and developers, purchased the 7825 E. Gelding Dr. property from 7825 East Gelding Drive LLC under a rent-to-own lease. The price was set when the lease was signed last year, Ray Harris with Trammell Crow Co.'s Phoenix office, tells GlobeSt.com.
"This Scottsdale Airpark property turned out to be a great owner/user opportunity for the buyer who is occupying about half of the space and will lease out the rest," says Harris. "It has an excellent location within the Scottsdale Airpark, is a newer building with granite floors and a fireplace and it was a good value for the price they locked it in at."
Harris, who represented the buyer in the transaction, says the property, half of which is occupied by the Vertical Mapping Resources, also gives the company room for expansion as the leases of smaller tenants expire. The transaction was handled for the seller by George Long of Colliers International in Phoenix.
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