Randy Finfrock, who also hails from Tucson, is planning to paint, landscape and retrofit the 22-year-old complex at 9318-32 N. 95th Way, according to Greg Hopley, executive vice president for Colliers International' Scottsdale office. He points out that the buyer's plan takes advantage of the complex's upside potential with a 14% vacancy and prime location.
Hopley, who brokered the transaction, tells GlobeSt.com that the asset was never marketed for sale, but Schomac was seeking tenants. "We weren't really out there trying to sell it, but the seller got an offer and decided to take the deal," he adds. Schomac spent more than $9 million in 2005 to acquire the holding.
Hopley says he wasn't surprised the complex attracted a buyer without much effort. He explains that it has a phenomenal location on six acres off Loop 101 and Via Linda. Furthermore, available commercial real estate, especially land, is a rare commodity in the North Scottsdale submarket.
"We're in a land-locked situation, and there isn't a whole lot of land or product out there that's fee simple," Hopley explains. "We do have state-owned land, but you can't buy that because it involves ground leases." As a result, buyers line up when an acquisition opportunity comes along in Scottsdale.
Hopley says Finfrock is looking at potential industrial, office and retail assets that offer upside through improvements. Hopley has been retained to lease McCormick Ranch.
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