Cushman & Wakefield Sells a Three Building Multi-Tenant Flex Office Asset
|PHOENIX, August 28, 2019 – Cushman & Wakefield completed the sale of Scottsdale Airpark Corporate Center, a 101,014-square-foot, three building flex office project located at 15020, 15030 & 15150 North Hayden Road in Scottsdale, Ariz.
Eric Wichterman and Michael Coover of Cushman & Wakefield represented the seller, Presson Corporation and Michael Kitlica represented both buyer’s, Hayden AWS Properties, LLC and Dunbar SACC LLC in the $13.25 million transaction.
“The acquisition of Scottsdale Airpark Corporate Center achieved several objectives for each buyer. These ranged from upside potential in below-market lease rates, the appeal of the project’s sizable frontage along Hayden, and the ability to capture additional parking for an adjacent asset,” said Kitlica.
Completed in 1985, Scottsdale Airpark Corporate Center is a 97% occupied three-building industrial/office development whose major tenants include Gateway Church, Brain State Technologies, and Ethos Lending.
Located just north of Hayden and Raintree Drive, Scottsdale Airpark Corporate Center is ideally positioned within close proximity to North Scottsdale’s executive housing, as well as one-mile east of the Loop 101/Raintree interchange. The property is located in the heart of the second largest employment center in Arizona, the Scottsdale Airpark, totaling over 34 million square feet of commercial space and 56,000 employees.
|About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.