Scottsdale Northsight was 69 p.c leased on the time of the sale. Picture courtesy of Cushman & Wakefield
New York Life Actual Property Buyers has offered Scottsdale Northsight, an workplace constructing in Scottsdale, Ariz., for $26.5 million. The client was a personal investor working below PREG Scottsdale LLC. The asset final traded in 2006 for $39 million, based on CommercialEdge information. Cushman & Wakefield represented the vendor within the transaction.
Inbuilt 2004, the three-story property spans 138,693 sq. toes and contains suites starting from 2,000 to eight,000 sq. toes. On the time of the sale, the LEED Silver-certified constructing was 69 p.c leased to a roster of tenants together with Symmetry Software program, Skillsoft and Beacon Pointe, CommercialEdge info reveals.
Situated at 14350 N. 87th St., Scottsdale Northsight is simply off Freeway 101, being 11 miles from downtown Scottsdale and roughly 22 miles from Phoenix.
Important funding quantity in Phoenix
Cushman & Wakefield Vice Chairman Eric Wichterman, together with Govt Managing Director Chris Toci and Managing Director Mike Coover facilitated the deal on behalf of the vendor. The identical staff was lately concerned within the $13.9 million sale of one other Phoenix-area workplace asset in Tempe, Ariz.
As of September, workplace gross sales in Phoenix totaled $917 million, rating second throughout Western markets after Los Angeles, that recorded a $1.98 billion transaction quantity, based on a current CommercialEdge report. The typical value per sq. foot within the metro clocked in at $232, above the nationwide common of $198, the identical supply reveals.
