PHOENIX, Arizona – CBRE has facilitated the sale of The Alamos Building, a 21,731-square-foot, multi-tenant office building in Scottsdale, Arizona for $3.8 million ($175 PSF). A California investor completing a 1031 exchange acquired the property from George Dipp.
Geoff Turbow of CBRE Investment Properties – SoCal/Phoenix/Las Vegas along with Mark Trueblood with Trumark Real Estate Management and Services represented the buyer in the transaction.
Located at 8787 E. Pinnacle Peak Road in Scottsdale, The Alamos Building is a two-story, garden-style office building situated on 1.22 acres. The property was built in 1985 with classic Southwest/Spanish Colonial style architecture and offers 4.3 parking spaces per every 1,000 square feet.
The Alamos Building features a diverse tenant base, ranging from financial services to residential real estate. A variety of restaurants and retail centers are within walking distance and a short drive of the property.
“The Alamos Building represented an ideal opportunity for an investor to acquire an office property in the prestigious North Scottsdale submarket at the geographic center of Scottsdale, Arizona,” said CBRE’s Turbow. “Priced well below of replacement cost, this opportunity will ensure positive future value to the investor with great upside potential.”