Staff Reports | Business & Construction
Cushman & Wakefield advised the sale of El Presidio at Pinnacle Peak, a multi-tenant, two-story 59,438-square-foot office building in Scottsdale.
Found at 8700 E Vista Bonita Drive, the Spanish Colonial architectural building was approximately 78% leased to a high-quality mix of 40% health and wellness and 60% professional office tenants at the time of sale, officials at Cushman & Wakefield report.
The property was acquired by a Southern California based investor, CRE College Plaza, LLC, for $7.65 million, according to a press release.
Eric Wichterman and Mike Coover with Cushman & Wakefield’s Private Capital Markets in Phoenix represented the seller, Flagg Group Scottsdale LLC.
“El Presidio at Pinnacle Peak is a prime office investment asset configured strictly for small multi-tenant use, putting the building in a great position to capitalize on the thriving small tenant market,” said Managing Director, Mike Coover. “The building’s trade area has enjoyed several consecutive years of single digit office vacancy—buildings within a 3-mile radius of the property reported a ±9.1% office vacancy rate as of our most recent tracking in Q1 of 2024.”
Built in 2020, the modern office property has high-image curb appeal and boasts a prestigious location in North Scottsdale, positioned near desired residential communities, the likes of Silver Leaf, Troon and Estancia, and upscale amenities.
“The new owner has outstanding upside potential in solving the remaining vacancy by potentially demising two unusually large formerly occupied suites into small suites that match the tenant demand evident by consistent and recent leasing success,” added Vice Chair Eric Wichterman.
“The building’s first floor also features several highly desirable and convenient dual exterior/interior-loaded suites with private entrances and restrooms, while its second floor suites benefit from excellent views of the adjacent McDowell Mountains and Pinnacle Peak.”
