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SCOTTSDALE, AZ-Urban Capital LLC, a company formed by local investor Julian Blum, has paid $2.5 million for a 40,000-sf, flex-industrial building in the Scottsdale Airpark.

Located at 7722 E. Gray Rd. just off Red Field Road and Hayden Road, the 20-year-old building was sold by Scottsdale, AZ-based Diamond Connection Inc., which is headed by principal Arthur Reade. It is 60% vacant, according to TJ Karry of Scottsdale, AZ-basedCommercial Investment Advisors Inc. who brokered the deal.

Karry tells GlobeSt.com that Urban Capital plans to invest more than $500,000 to reconfigure the building into a more logical layout. “It’s obsolete in a lot of ways,” he says. “It’s a value-added opportunity for someone who wants to sink money into and work it.”

The building’s main attraction is its location, Karry says. “The location is just perfect…It’s absolutely a great spot because Scottsdale Airpark is very desirable,” he says.

Urban Capital plans to use an in-house team to lease and manage the asset. Karry estimates the building will rent for $13 per sf or more. Diamond Connection Inc. is carrying the note for Urban Capital’s acquisition of 7722 E. Gray Rd.

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