PHOENIX, AZ, July 8, 2011 – Jones Lang LaSalle’s Capital Markets experts today announced the firm has brokered the sale of Scottsdale Centre (top left photo) for Los Angeles-based Arden Realty, Inc. and its team, led by Michael Lynch from GE Capital Real Estate.
The 164,000-square-foot building is located at 7373 N. Scottsdale Road. Newport Beach, California-based MIG Real Estate purchased the property for $20.8 million.
Leading the Jones Lang LaSalle team on this transaction was Senior Managing Director Dennis Desmond and Senior Vice President Brian Ackerman.
Desmond said the sale is a prime example of renewed investor interest in Phoenix commercial real estate.
“Experienced companies that have previously invested here see that market prices are still well below replacement costs and that a recovery in Phoenix has begun. This will encourage a steady rise in values that will continue for at least the next 24 months,” said Desmond.
“MIG Real Estate is one of the companies that understands these market fundamentals, and they are not alone. The competition generated for this listing is the perfect illustration of increased demand for Phoenix assets.”
Within the first days of marketing, Scottsdale Centre attracted more than 130 signed confidentiality agreements. Bids were submitted in early May, with strong interest and negotiations continuing for several weeks before a final bid was accepted from MIG Real Estate. The sale closed on June 30.
Scottsdale Centre is a two-story project with mountain and golf course views. It is located on Scottsdale Road about two miles north of Camelback Road, within minutes of the Loop 101 Freeway, just north of the 1.8 million-square-foot Scottsdale Fashion Square and just south of the resorts, boutique shopping and dining of Gainey Ranch, Kierland and The Borgata.
For further information, please visit our website, www.joneslanglasalle.com.
Contact:
Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195
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