New York Life Real Estate Investors recently sold the Scottsdale Northsight property for $26.5 million, a decrease from its 2006 purchase price of $39 million. The buyer has been identified as PREG Scottsdale LLC.
The three-story building, constructed in 2004, offers suites ranging from 2,000 to 8,000 square feet and is currently leased at a rate of 69%. Notable tenants include Symmetry Software, Skillsoft and Beacon Pointe. Additionally,the LEED Silver-certified property is conveniently located just off Highway101 with easy access to downtown Scottsdale (11 miles) and Phoenix (22 miles).
Cushman & Wakefield’s Eric Wichterman led the team representing the seller in this transaction.
According to a Commercial Edge survey,the average price per square foot for office properties in the Phoenix metro area was above national average at $232 compared to $198 nationally.
This sale marks another change in ownership for this Scottdale office property as it continues to be an attractive investment opportunity within Arizona’s thriving commercial real estate market.
