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Cushman & Wakefield brokers $26.5M Scottsdale Airpark Class A office building

The low-rise property was acquired by PREG Scottsdale, LLC, a company formed by a private individual investor, for $26.5 million. (File Photos/DigitalFreePress)
Scottsdale Airpark office building is found in heart of Scottsdale Airpark
Staff Reports | Digital Free Press

Cushman & Wakefield advised the sale of Scottsdale Northsight, a Class A multitenant office building totaling 138,693 square feet in Scottsdale Airpark.

Found at 14350 North 87th St., the 3-story building is 69% leased. The low-rise property was acquired by PREG Scottsdale, LLC, a company formed by a private individual investor, for $26.5 million, according to a press release.

Chris Toci, Eric Wichterman and Mike Coover with Cushman & Wakefield’s Capital Markets and Private Capital Group teams in Phoenix represented the seller, MIREF Northsight, LLC, in the transaction.

“Scottsdale Northsight is a premier, institutional quality office building with an in-place occupancy of 69%, providing the buyer with a healthy level of upside potential,” said Chris Toci, executive managing director at Cushman & Wakefield.

“A significant portion of the building’s tenant suites were recently constructed into best-in-class spec suites that were well received and leased rapidly. What’s more, several additional spec suites were nearing completion at the time of close, which will further accelerate leasing velocity and stabilization.”

Eric Wichterman, who is vice chair, echoes a similar sentiment regarding the recently acquired property.

“With an average suite size of just over 7,000 square feet and suites that mostly range between 2,000 and 8,000 square feet, Scottsdale Northsight is perfectly positioned to take advantage of the thriving small and medium size tenant market,” he said. “The property is blessed with floor plates that have bay depths and multi-tenant configurations which perfectly accommodate smaller tenants — key characteristics of office buildings that have performed exceptionally well in current market conditions.”

Scottsdale Northsight resides prominently within the Scottsdale Airpark and enjoys fast access to the Loop 101 freeway.

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