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Phoenix & Southwest  + Phoenix  + Office  | 
Scottsdale office property sells at $10M loss

Scottsdale Office Property Unloaded at Loss

New York Life Real Estate Investors bought the 138,000-square-foot Scottsdale Northsight for $39 million in 2006. Commercial Edge reports they recently sold the property at 14350 N. 87th St. for $26.5 million. The buyer could be traced to PREG Scottsdale LLC.

Built in 2004, the three-story property comprises suites ranging from 2,000 to 8,000 square feet. At the time of the sale, the LEED Silver-certified building was 69 percent leased to a roster of tenants, including Symmetry Software, Skillsoft and Beacon Pointe.

Located at 14350 N. 87th St., Scottsdale Northsight is just off Highway 101, 11 miles from downtown Scottsdale and roughly 22 miles from Phoenix.

A Cushman & Wakefield team led by Eric Wichterman worked on behalf of the seller.

A Commercial Edge survey indicated the average price per square foot in the Phoenix metro settled at $232, above the national average of $198.


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Cushman Wakefield

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

  • ◦Sale/Acquisition