Scottsdale Office Asset Sells for $264 a Square Foot

The 126,000 square office development in the high-end Gainey Ranch area of Scottsdale sold for $33 million dollars. Alturas Gainey Ranch was the buyer, Gainey Ranch Town Properties the seller. Cushman & Wakefield brokered the the transaction.

The transaction included two nearly identical buildings across the street from each other. They are on nearly four acres and are built over a subterranean parking garage with 488 parking spaces.

The nearly 25 year-old buildings are located near some of Scottsdale and Paradise Valley’s premier retail outlets and restaurants. Despite the projects age, it still producing, “The property has performed remarkably well, with four new lease deals agreed to over the course of the last few months and during escrow, representing over 25% of the total square footage in the buildings,” said C&W’s Eric Wichterman.