The class A buildings are situated on 15 acres at 16425 N. Pima Rd. and 16435 N. 90th St. in the Scottsdale Airpark submarket. The joint venture developers--Phoenix's Kitchell Development Co. and the Horwitch Group in Scottsdale--originally planned to lease up the pair. "This ended up an off-market transaction pursued by the buyers because they realized what a tremendous opportunity this was," says Luke Walker, first vice president in Phoenix for CB Richard Ellis.
Walker, who represented the seller, tells GlobeSt.com that three tenants are now occupying the 63%-leased building. Quicken Loans has 42,000 sf on the second floor, Health Dialog Services took 29,000 sf on the third floor and the University of Arizona Eller Business School signed up for space for a satellite office. Also part of the McDowell Mountain Business Park is a 1.37-acre bank pad, which is up for grabs.
Walker adds that CBRE, which has the leasing assignment for both buildings in the park, is seeing a great deal of activity, particularly from large users. "It's on the periphery of one of the largest employment hubs in the entire valley and that's a huge component for large corporations looking for space," adds Walker, who teamed with CBRE's senior vice president Brad Anderson and senior associate Bryan Taute on the sales transaction.
© 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.