Private Investor Purchases Award-Winning Building
Phoenix, Arizona – The Signature Office Suites building, located at 8585 E. Hartford Dr. in Scottsdale, has been sold to a private investor for $6,850,000 ($246 PSF). The Class ‘A’, two-story office building features self-contained office suites that were 96 percent occupied at the time of sale.
Saffield Family LLC purchased the property from Signature Suites SPT LLC (San Pasqual Fiduciary Trust Company) in a 1031 Exchange transaction. Greg Hopley, Jim Keeley and Dillon Hopley of Colliers International in Arizona represented the seller in the disposition. Steven Barger with CRE Property Advisors represented the buyer.
“This Class A office building received two different awards for its high-quality design,” says Hopley, senior executive vice president with Colliers. “The suites feature spectacular desert and mountain views visible through full height glass lines. The property layout also offers a desert oasis courtyard with water features and benches that provide tenants with a very unique indoor and outdoor work environment. Plus, the overall demographics are some of the best in the entire valley.”
Built in 2000, the building contains approximately 27,797-rentable-square-feet of office space. Situated on 2.13 acres of land just west of the Loop 101 near Bell Road, the property is a short walking distance from the TPC Scottsdale Champions Course and Scottsdale Sports Complex, and the renowned Princess Hyatt Resort. The interior was remodeled in 2017-2019 and now features breakrooms with granite-topped entertainment bar and hardwood cabinets. Modernized LED lighting, wood blinds, 11-foot ceilings and updated private restrooms provide tenants with high-end office space amenities.