CBRE Brokers $8.53 Million Sale of Scottsdale Airpark Creative Office and Airplane Hangar Property to Los Angeles-Based 1031 Buyer
18 May 2020
Phoenix - CBRE has negotiated the sale of a 39,520-square-foot creative office property and airplane hangar in the Scottsdale Airpark at 7350 E. Evans Road in Scottsdale for $8.53 million.
Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix/Vegas, and Brad Anderson, Michael Strittmatter and Lauren Anderson of CBRE in Phoenix, represented the seller, ICIC Commercial Investments. The buyer, Los Angeles-based Route 66 Properties LLC, was completing a 1031 exchange.
The property, which was 72 percent leased at the time of sale, is situated on 2.62 acres along the southwest portion of the prestigious Scottsdale Airpark, offering immediate runway access. It comprises four office buildings totaling 33,438 square feet and a 6,082-square-foot airplane hangar. The creative office complex recently underwent a $2 million renovation to include hard lit ceilings, generous clear height, abundant glass line, an open courtyard, exposed duct work, concrete floors and an open office environment. The hanger building features 20-foot clear door height, storage bays equipped with sodium vapor lighting, block windows and folding metal aircraft doors. Ten percent of the hanger is improved as office space.
“With modern open floor plans, abundant natural light and designated collaboration and social spaces throughout, 7350 East Evans is a perfect example of ‘today’s office space’ that is critical in attracting and retaining top talent not only in the tech sector, but also the more traditional office tenants that are embracing this new way of working,” said CBRE’s Turbow. “The transaction further demonstrates the extent that out-of-state investors, looking for attractive yields, are flocking to such high-growth markets as Phoenix, where they can acquire value-add assets at relative value and where the runway for growth remains robust."
Tenants of the property benefit from its strategic central Scottsdale Airpark location, which is within walking distance to an abundance of shopping, dining at retail amenities at Thunderbird Square retail center, Scottsdale Quarter and Kierland Commons. The property is within minutes to the North Loop 101, providing access to Greater Metro Phoenix.
“Our team, which covers eight markets across the Pacific Southwest, continues to track significant investor interest in commercial real estate,” said Turbow. “Recent deal flow into the Greater Phoenix region suggests out-of-state capital is the most aggressive capital in Phoenix, pushing pricing for Phoenix assets.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.