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SCOTTSDALE, AZ-An investment group, comprised of three family trusts from Tulare, CA, has made its first buy in the Valley, dropping $8.5 million in a 1031 Exchange for Plaza Cordoniz, a 58,468-sf, class B office building.

Built in 1985, Plaza Cordoniz is a two-story Spanish Colonial building located at 4300 N. Miller Rd. in South Scottsdale. It is 91% leased. “The unique character of the architecture attracted a lot of interest,” says Steve Gonzalez, a senior investment associate with Marcus & Millichap Real Estate Investment Brokerage Co., who represented the seller, Morrison Karsten Group of Santa Rosa, CA.

Gonzalez tells GlobeSt.com that Plaza Cordoniz garnered more than a dozen offers during its 30 days on the market. It finally traded at a 7.1% cap rate. “It’s a stable investment,” he says. Currently, the building is getting $19 per sf for rents.

According to Gonzalez, the buyer really liked Plaza Cordoniz’s location near the downtown district. “They were really excited about a lot of the redevelopment that is happening in downtown, especially the Scottsdale Waterfront,” he says. The buyer, which was represented by Bill Travis of Travis Realty in Tulare, paid cash for Plaza Cordoniz.

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