Cushman & Wakefield Arranges Sale of Arizona Mixed-Use Asset

The brokerage firm represented the seller, Presson Corp., and the two buyers, ICON Builders and Dunbar Real Estate Investment Management.

Scottsdale Airpark Corporate Center. Image courtesy of Yardi Matrix

Cushman & Wakefield has arranged the sale of the three-building Scottsdale Airpark Corporate Center, a 101,014-square-foot flex office asset in Scottsdale, Ariz., for a total of $13.2 million. The firm’s Executive Managing Director Eric Wichter and Managing Director Michael Coover represented the seller, Presson Corp., and Senior Vice President Michael Kitlica worked on behalf of the two separate buyers ICON Builders and Dunbar Real Estate Investment Management.

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Dunbar Real Estate Management purchased the buildings located at 15020 & 15030 N. Hayden Road for $6.9 million. The acquisition was subject to a $4.2 million loan provided by Farmers & Merchants Bank. ICON Builders acquired the third building situated at 15150 for $6.3 million, with a $3.8 million loan received from Stearns Banks, according to public records.

Built in 1985, the three buildings occupy 8.9 acres within Arizona’s second largest employment center, the more than 34 million-square-foot Scottsdale Airpark, with 56,000 employees. The buildings are near Freeway 101, roughly 10 miles from downtown Scottsdale, 22 miles from downtown Phoenix and 20 miles from the Phoenix Sky Harbor International Airport. The flex office property is currently 97 leased to tenants such as Gateway Church, Brain State Technologies and Ethos Lending.

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