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PHOENIX-As part of a plan to invest more than $100 million in Phoenix-area property over the next year, Buchanan Street Partners has purchased a 66,800-square-foot office/flex building at 8388 E. Hartford Dr. in Scottsdale from H-B Perimeter LLC for a price undisclosed to GlobeSt.com. The acquisition comes as the Scottsdale Airpark submarket shows steady signs of improvement, including sustained positive absorption and a vacancy rate for office/flex space that has dipped below 10%.

“This investment presents the opportunity to acquire an institutional-grade asset at an attractive basis in a submarket with improving fundamentals,” said Tim Ballard, president of Buchanan Street Partners, in a prepared statement.

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