SCOTTSDALE, AZ – The Fincham Dempsey Team at Lee & Associates Arizona is pleased to announce the sale of the 56,439-square-foot Scottsdale Business Center, 13402 N. Scottsdale Rd., Scottsdale, for $7.3 million ($129 PSF). The 4.27-acre property is a potential redevelopment opportunity located in the prestigious Scottsdale Airpark.
The team, led by Principals Jan Fincham, Patrick Dempsey, Mark Linsalata and Associate, Andrew Lundahl, facilitated the transaction on behalf of both the seller, Arizona SBC LLC, and the buyer, Dunbar SBC LLC. Michael Kitlica with Cushman & Wakefield consulted for the buyer.
The Scottsdale Business Center consists of two, single-story brick construction buildings totaling 56,439 square feet in size. Built in 1985, the property is located in the Scottsdale Airpark, one of Arizona’s largest employment centers with over two million square feet of commercial space and home to over 2,500 businesses. The property offers Scottsdale Road frontage as well as access to three different freeway interchanges within two miles of the asset.
“Scottsdale Business Center is attractive to investors because of its strategic location in the Scottsdale Airpark and is in close proximity to restaurants, shopping and entertainment at Kierland Commons and Scottsdale Quarter one mile to the north,” said Fincham. “Additionally, the property enjoys attractive demographics with over 194,000 residents within a 5-mile radius and 178,000 daytime employees with 15,000 businesses,” said Dempsey.
“Dunbar Real Estate Investment Management acquired Scottsdale Business Center to add to its already impressive holdings within the Scottsdale Airpark. This asset is currently undergoing a complete and total renovation to attract both retail and office tenants that covet contemporary building finishes along with Scottsdale Road frontage,” said Kitlica.
For more information, Fincham can be reached at 602.954.3754, Dempsey is at 602.954.3772, Linsalata can be called at 602.912.3539; and Lundahl can be contacted at 602.385.3799.