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Scottsdale’s Wells Fargo Gainey Center Claimed by NY Investor
AREA Exchange Asset III, LLC, an affiliate of New York City-based Ascent Real Estate Advisors, acquired Wells Fargo Gainey Center, a 141,047-square-foot Class A office building in Scottsdale. Des Moines, IA-based Principal Real Estate Investors divested the 96% leased Class A multi-tenant office property, reportedly for $43.5 million.
Located at 8601 N. Scottsdale Rd., the three-story LEED Gold and Energy Star rated building has prominent visibility and frontage along Scottsdale Road. Built in 1999, Wells Fargo Gainey Center features institutional quality improvements, dramatic two-story lobby, an on-site gym, flexible floor plates, and 20 exterior balconies.
CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller. CBRE’s Bruce Francis, Tim Bokinsky, Dana Summers, Bob Ybarra, Shaun Moothart and Doug Birrell facilitated the acquisition loan for the buyer with a national life insurance company.
CBRE’s Gabel says, “Wells Fargo Gainey Center has been institutionally owned and managed since its inception, and the strength of its tenancy, quality office finishes and irreplaceable market location will continue to provide reliable cashflow for the buyer, for years to come.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition