Scottsdale, Arizona office project sells to long-time Phoenix commercial real estate investor Daryl Burton
SCOTTSDALE, Arizona, August 16, 2023 – Lincoln Property Company’s Southwest division, LPC Desert West (LPC), has completed the $26.5 million sale of Gainey Center, a three-story, Class A office building offering 500 square feet of frontage along the prestigious Scottsdale Road Corridor in Scottsdale, Arizona. The buyer was Presson Companies, headed by long-time Phoenix commercial real estate investor Daryl Burton.
Gainey Center totals 143,653 square feet on 4.67 acres at 8501 N. Scottsdale Rd., just south of Doubletree Ranch Road. It sits within the upscale Gainey Ranch community, one mile from the Loop 101 freeway and adjacent to more than 30 premier restaurants, shops, hotels and fitness centers.
“Gainey Center was a very successful investment for us over our hold period,” said Lincoln Property Company Senior Vice President John Orsak. “This building is held in high regard for its location and quality. It was a priority of ours to maintain that value with top-shelf institutional management.”
During its ownership, LPC deployed numerous capital improvement strategies designed to preserve and improve the sophisticated environment of Gainey Center. This included an extensive renovation to the building’s executive-style lobby, which features a 22’ atrium with upgraded seating and contemporary artwork. Additional upgrades were made to building corridors, restrooms, elevator banks and mechanical systems. Landscape plans and wayfinding/signage systems were modernized as well, to include the building’s prominent monument signage along Scottsdale Road.
Gainey Center was part of a 2017 LPC campaign to upgrade millions of square feet of its local office space to ENERGY STAR, indicating commercial buildings that use an average 35 percent less energy than a typical building and release 35 percent less carbon dioxide into the atmosphere.
“Lincoln Property Company has done an exceptional job of amplifying the value of this distinguished office asset,” said Burton. “We are pleased to inherit that legacy and to usher in the next chapter of Gainey Center.”
Barry Gabel and Chris Marchildon of Newmark represented LPC in the building sale.
Other amenities of Gainey Center include functional floor plates, private tenant balconies, on-site security, a covered garage parking with a 3.6/1000 parking ratio, and premium views of Camelback Mountain, the McDowell Mountains and Mummy Mountain.
Gainey Center is surrounded by executive housing and one of the highest concentration of decision makers in metro Phoenix, as well as award-winning destinations like The Shops at Gainey Village luxury retail center, Camelback Golf Club, Gainey Village Health Club and a variety of restaurants.
For more on leasing, investment or property management opportunities with Lincoln Property Company in the Desert West region, please call David Krumwiede or John Orsak at (602) 912-8888.