SCOTTSDALE, AZ – The former RoomStore furniture store at 15826 N. Scottsdale Rd., Scottsdale sold for $8.25 million  ($263.00 PSF). The company filed bankruptcy in December 2015 and closed all Arizona stores, including this location.

Tom Boyle, Principal with Lee & Associates, brokered the transaction. The buyer was Bridge Enterprises, LLC, Phoenix, while DJD Property Holdings, LLC, Scottsdale, was the seller. The transaction closed August 18.

Built in 2000, the 31,333-square-foot freestanding retail building was a showroom for the furniture company which had locations throughout Arizona. It sits on 2.23 acres in the popular retail corridor of North Scottsdale Rd. close to many amenities including Scottsdale Quarter, Kierland Commons and Scottsdale Promenade.

The building is currently available for immediate occupancy.  For more information, Boyle should be contacted at 602.954.3753.

Phoenix, AZ – Business Real Estate Weekly is reporting Greystar Development, Inc. of Charleston, SC (Bob Faith, CEO) has filed for zoning approval in Phoenix to develop a 171-unit, age restricted housing complex within the Kierland community in the northeast Valley.

The luxury rental project is being called Overture, and is targeted for a 2.45-acre site located at the northeast corner of 71^st Street and Tierra Buena Lane. The property address is 15801 N 71^st Street in Scottsdale, AZ and is not occupied by a vacant commercial building previously used as a furniture store.

That 21,710-square- foot building will be razed if the proposed Planned Unit Development (PUD) is approved.

The sale of the site with an estimated sale price of $6 + million (roughly $60 PSF) is contingent on zoning approval.

The seller is Legacy Kierland LLC of Denver, CO (Daniel Vecchiarelli, principal).

Tom Boyle of Lee & Associates in Phoenix and Mark Forrester, Ric Holway, Dan Cheyne and Tom Wolff of Berkadia in Phoenix are brokering the deal.

Greystar would like to be underway with construction by year-end to have the units ready for occupancy by first quarter 2018.

For more information, contact Berkadia agents at 602.955.1122 and Boyle can be reached at 602.956.7777.

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SCOTTSDALE, AZ – Bank 34 has leased 10,500 square feet of Class A office space at The Pinnacle in Kierland IV, a development of Furst Properties.

The location, 14850 N. Scottsdale Road, is the New Mexico-based bank’s fourth full-service banking center. Other branches are located in Peoria, Ariz., Alamogordo, N.M., and Las Cruces, N.M. The bank’s name reflects its founding date in 1934.

The six-story, 200,000-square-foot Pinnacle in Kierland IV, gateway to the Kierland area, is located in a part of North Scottsdale with a concentration of financial services. Morgan Stanley is an anchor tenant in the nearly fully leased building. Other top-quality tenants include New York Life Insurance, Old Republic Title Holding Company, BMO Harris Bank and the Clark Hill law firm.

“Pinnacle in Kierland IV’s space availability was one of those ‘timing is everything’ opportunities for us to establish our Arizona base of operations in a manner to support our longer term growth plans,” said William Kauper, President of Bank 34.

Jim Watkins, Craig Coppola, Andrew Cheney and Gregg Kafka of Lee & Associates represented Furst Properties. Tom Boyle of Lee & Associates represented Bank 34.

“The Pinnacle in Kierland IV is the crown jewel of office properties in North Scottsdale,” Cheney said. “At 10,500 square feet, Bank 34 will have a larger footprint than other banks which typically lease 3,000-5,000 square feet in the area.”

In total, Furst Properties owns seven Class A office buildings in North Scottsdale. The 702,000-square-foot portfolio includes six buildings in the Kierland area and the Pinnacle in Perimeter Center building along the northeastern curve of Loop 101, near the TPC Scottsdale championship golf courses.

“Bank 34’s presence in North Scottsdale continues to expand the increasing selection of financial services available in the Kierland area,” said Austin Furst, president of Furst Properties.