PHOENIX, Arizona – On behalf of Chandler-based 77 Scottsdale, LLC, Cushman & Wakefield recently negotiated the sale of 16066 N. 77th Street located in Scottsdale, Ariz. for $3 million ($182 PSF). Michael Kitlica of Cushman & Wakefield represented the seller and Allen Lowe of Lee & Associates represented the buyer, Development Services of America.
Built in 1998, 16066 N. 77th Street is a best-in-class, one of a kind, automotive showroom consisting of 16,450-square-feet. Located in the Scottsdale/Kierland area, the project is currently configured as a single-tenant use and was vacant at the time of sale
“77 Scottsdale, LLC utilized this asset for several years but felt compelled to sell now during perhaps the most seller friendly market the Scottsdale airpark has ever experienced,” said Michael Kitlica.
The Kierland master planned community is a 730-acre community that includes the Westin Kierland Resort and Golf Club, 216-acres of residential space, 107 acres of commercial/retail space, 123 acres of commercial/office space and 11 acres of parks and open space. Additionally, Kierland Commons and the Scottsdale Quarter are adjacent to the property, both of which offer high-end retail shopping and dining options.