80%-Leased Showroom Baits $5M Sale

SCOTTSDALE, AZ-After just one week on the market, a 34,535-sf industrial/showroom building with C-4 zoning in the Scottsdale Airpark has passed to a local buyer for $5.1 million or $148 per sf.

Phil Thompson took the keys to Scottsdale 84 at 14885 N. 83rd Place from Cooney & Associates Inc. of Durango, CO, which bought the building in 2002 for $3.8 million. Thompson, who owns two other airpark industrial buildings, was one of three offers that rolled in the holding in one week of marketing, Erik Marsh, an investment broker with Marcus & Millichap Real Estate Investment Brokerage Co.’s Phoenix office, tells GlobeSt.com. He credits the interest to the building’s location and a zoning that allows outside storage. “There’s a scarcity of properties that are zoned C-4,” he says, adding Thompson won the deal because of his track record and credibility in the market.

Situated on 2.7 acres, Scottsdale 84 is 80% occupied to Fetch Doggie, Erwing Irrigation and Scottsdale Shutters. Marsh says most pacts expire in two to three years. “The new owner hopes to lease up the vacant space, creating some upside in the deal,” the seller’s broker adds, citing a $12 per sf, triple net quote for the 15-year-old building. The buyer was represented by locally based Shell Commercial.