Colliers International Negotiates Sale to Local User/Investor
Scottsdale, AZ – Colliers International in Greater Phoenix has negotiated the $2.1 million ($141.38 PSF) sale of an industrial/flex building at 16655 N. 90th St. in Scottsdale.
“The buyer was very interested in acquiring this industrial property because they own the building next door,” says Greg Hopley, executive vice president with Colliers International. ”This was a strategic purchase by the company to lock down additional square footage for their future expansion. Cabral Holdings purchased this property several years ago and was very pleased to sell the building to their next door neighbor.”
Desert Real Estate Holdings, part of Reddy Development, purchased the property. The company is an owner and developer of retail and other commercial real estate nationwide. Cabral Holdings I, LLC, a private investor, sold the property to Desert Real Estate Holdings.
Hopley represented Cabral Holdings in the marketing and sale of the building. Jim Liberthal of Cutler Commercial represented the buyer.
The building, which was built in 2006, contains approximately 14,854 square feet of industrial/flex space. Located within the McDowell Mountain Ranch area, the property offers excellent access to the Loop 101. The building was in excellent condition at close of escrow and offers excellent amenities within a prestigious area of North Scottsdale. The building features an architectural design that looks like a Class A office building. Desert Real Estate Holdings will take occupancy of a portion of the building and lease out the remainder.