SCOTTSDALE – ORION is proud to announce the sale of Scottsdale Executive Square, a 29,806-square-foot, Class-B multi-tenant office. The office building recently sold for $3,540,000 ($118.77 PSF). Situated on 97,200-square-feet, just north of the northeast corner of Scottsdale and Thunderbird Roads, the building has excellent Scottsdale Road frontage with approximately 35,665 vehicles passing per day. Scottsdale Executive Square was 77% leased at close of escrow.
"The Scottsdale Executive Square transaction serves as yet another example of the demand to secure a position along this dynamic stretch of Scottsdale Road. While there is not much excitement surrounding Class B Suburban Office as an asset class, generally, this particular asset was located on a 97,200-square-foot under-improved site with several hundred feet of frontage along Scottsdale Road. In a corridor where similar sites are regularly trading well in excess of $50 per square foot, Scottsdale Executive was very attractive when viewed as an income producing land bank play," said Braxton Glass, Vice President at ORION.
The Seller was California-based Scottsdale Executive Square Associates, LLC. Locally-based CAM Scottsdale, LLC and Murray Scottsdale, LLC purchased the building.