11/9/2007

Scottsdale office park fetches $54 million

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Scottsdale Executive Office Park

New York-based Grunberg Reality has purchased the Scottsdale Executive Office Park in Phoenix, Ariz., for $54 million from Los Angeles-based Lowe Enterprises.

Dennis Desmond, Stan Shafer, Nathan Thinnes and Jeff Hartland with Grubb & Ellis/BRE Commercial and Jim Achen and Bill Zurek with Transwestern represented Lowe.

The two, three-story buildings contain a total of 251,588 square feet and are located at 7975 N. Hayden Rd., and 8655 E. Via de Ventura in the Scottsdale Executive Office Park, which was 91.2 percent occupied at the time of sale. The Hayden Road location was built in 1976 while the Via de Ventura property was finished in 1983 -- both were completely renovated in 2003.

Lowe acquired the two buildings in 2006.

Address: 8655 E. Via de Ventura & 7975 N. Hayden Rd., Phoenix, Ariz.

Size: 251,588 square feet

Built: 1976 & 1983

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Filed Under: Office

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