SCOTTSDALE – ORION Investment Real Estate is proud to announce the sale of the NNN Investment property leased to BMO Harris Bank for $2.44 million ($406 PSF). This ±6,001 square foot freestanding building is situated at the intersection of Scottsdale Road & Deer Valley Road. It is fully leased to a long-term tenant, BMO Harris Bank. The tenant entered into an absolute NNN lease with annual increases, making the property very attractive for a long-term investment.
Within recent years, the growth pattern of Scottsdale has taken a northerly direction, with several major developments constructed north of the CAP Canal within the last five to ten years. This portion of far north Scottsdale is characterized by relatively low density residential development, with most projects leaving much of the natural desert topography and vegetation undisturbed. Another desirable physical attribute of the general area to the east of Pima Road is its gradually sloping topography and nearby mountains and buttes, which provide several developments with very desirable views of city lights, natural desert terrain and mountains. Several major developments in the north Scottsdale area include Troon North, Troon Village, Desert Highlands, DC Ranch and Grayhawk.
Nick Miner, CCIM, Senior Vice President at ORION Investment Real Estate, noted, "This is one of a few properties I am assisting my client in the acquisition to perfect his 1031 Exchange. This property was identified because of the location in Scottsdale, and the long-term lease with a great credit tenant."
The property was sold by CP Maple Leaf 2, LLC and purchased by JKB Properties, LLC, a client of Miner's.