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SCOTTSDALE, AZ-A pair of California investors has purchased a 16,300-sf office complex in north Scottsdale for $2.6 million.

Investors Bill Travis and Velma Shepard, based in Tulare, are the new owners of the two-building property at 12002 and 12020 E. Shea Blvd. Sellers Jim Simon, Sam Simon Jr. and Shahryah Zomorrodi, all of Scottsdale, have realized $159.50 per sf in the transaction brokered by Neil Sherman of Sperry Van Ness Mullin’s Scottsdale office.

The holding was 90% leased at sale time. It is situated about three miles from the Pima Freeway section of Loop 101. Although the office market has suffered during the past quarter with the downturn in the economy, north Scottsdale has fared better than other office submarkets. At 11.2%, the submarket has the lowest vacancy rate of any area in the Valley, which is carrying an overall rate of 15.2%.

Office space has increased in popularity in the past two years with the opening of Loop 101, a portion of which is still under construction. The loop circles the border of Scottsdale and connects to Loop 202 to the south and Interstate 17 to the west. The new freeway section allows workers who live in other parts of the Valley easy access to the north Scottsdale for the first time.

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