Staff Reports | Digital Free Press
Officials at Cushman & Wakefield advised Idaho-based Alturas Gainey Ranch, LLC in the $33 million acquisition of Gainey Ranch Town Center I & II, two class A office buildings totaling 126,516 square feet found in the heart of the Scottsdale community.
The seller was Gainey Ranch Town Properties, according to a press release.
Eric Wichterman, Mike Coover, Steve Lindley and Alexandra Loye — all with Cushman & Wakefield — represented the buyer in the transaction. However. Ben Geelan, Will Mast and Lynn Lachapelle of JLL represented the seller.
Cushman & Wakefield’s Scott Boardman and Kristina Cutillo have been retained by the new owner for project leasing, the release states.
“Phoenix metro property remains desired by out-of-state investors and our client was fortunate to acquire these two premier class A assets that have been institutionally owned and maintained for over two decades,” said Wichterman, Cushman & Wakefield vice chairman, in a prepared statement. “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.”
Gainey Ranch Town Center I & II consists of two, three-story Class A office buildings located at 7702 and 7600 Doubletree Ranch Road; each were built in the late 1990s. Situated on 3.92 acres of land, the buildings are built over a two-level, elevator served subterranean parking garage with 488 open-surface parking spaces, the release states.
