SCOTTSDALE, Ariz. – (February 7, 2025) – CBRE announced the sale of Scottsdale Executive Square, a 29,806-square-foot office property located at 13951 North Scottsdale Road in Scottsdale, Ariz. The property was sold to a private buyer from Southern California for $4.8 million.
CBRE’s Geoffrey Turbow and Philip Wurth represented the seller, who was also from California, in the transaction.
Built in 1993, Scottsdale Executive Square is a two-story steel frame building that is 98.1% leased to a diverse mix of 19 local and regional office and medical tenants.
“This sale highlights the strong demand for well-located office properties in Scottsdale,” said Turbow, senior vice president at CBRE. “This rare investment opportunity sold at a low cap rate, highlighting the appeal due to its stable cash flow, historical tenancy and potential for value creation through increasing occupancy and boosting rents. The property’s prime location, on Scottsdale Road, in the thriving Scottsdale Airpark further enhanced its attractiveness to investors as the average building located on Scottsdale Road sells once every 30 years.”
The Scottsdale Airpark, where the property is located, is an economic hub with strong market fundamentals. According to CBRE research, the Scottsdale submarket has maintained the lowest vacancy rate for consecutive quarters at 17.5%.