Phoenix-Area Office Asset Trades for $27M

Scottsdale Northsight was 69 percent leased at the time of the sale. Image courtesy of Cushman & Wakefield

New York Life Real Estate Investors has sold Scottsdale Northsight, an office building in Scottsdale, Ariz., for $26.5 million. The buyer was a private investor operating under PREG Scottsdale LLC. The asset last traded in 2006 for $39 million, according to CommercialEdge data. Cushman & Wakefield represented the seller in the transaction.

Built in 2004, the three-story property spans 138,693 square feet and comprises suites ranging from 2,000 to 8,000 square feet. At the time of the sale, the LEED Silver-certified building was 69 percent leased to a roster of tenants including Symmetry Software, Skillsoft and Beacon Pointe, CommercialEdge information shows.

Located at 14350 N. 87th St., Scottsdale Northsight is just off Highway 101, being 11 miles from downtown Scottsdale and roughly 22 miles from Phoenix.

Significant investment volume in Phoenix

Cushman & Wakefield Vice Chairman Eric Wichterman, along with Executive Managing Director Chris Toci and Managing Director Mike Coover facilitated the deal on behalf of the seller. The same team was recently involved in the $13.9 million sale of another Phoenix-area office asset in Tempe, Ariz.

As of September, office sales in Phoenix totaled $917 million, ranking second across Western markets after Los Angeles, that recorded a $1.98 billion transaction volume, according to a recent CommercialEdge report. The average price per square foot in the metro clocked in at $232, above the national average of $198, the same source shows.