Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SCOTTSDALE, AZ-Wolff Co., a Scottsdale-based commercial property investor, has purchased the Sonoran Corporate Center IV office building for close to $4.8 million from Rowland Cos. of Scottsdale. Wolff will lease the entire 21,064-sf building back to the seller.

“It’s the only submarket with any significant speculative office development going on right now. There’s plenty of demand,” Eric Wichterman, a senior vice president and principal with Grubb & Ellis/BRE Commercial’s Phoenix office, tells GlobeSt.com. “Wolff is interested in single-tenant properties. It’s the old ‘location, location, location.’”

Located at 8324 E. Hartford Dr., the building is part of the six-building Sonoran Corporate Center in the master-planned Perimeter Center just north of Scottsdale Airpark. The two-story property was built in 2002. Wolff has owned a second building in the office park since 2002, says Wichterman.

The deal included a leaseback to Rowland for 10 years at $20 per sf with rental increases. Rowland is a contractor specializing in high-end medical and church properties. It plans to use the capital raised from the sale to enhance its growing Texas operations.

North Scottsdale’s office vacancies of 16.7% are well below the 20% market average for Phoenix, according to Wichterman. With such stellar occupancies, the submarket is the only one experiencing speculative new office construction. Wichterman along with Stan Shafer and Jeff Wentworth, also with Grubb & Ellis/BRE Commercial, represented both parties in the deal.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.