HFF Closes $26M Sale of Phoenix-Area Property
- May 24, 2017
HFF has arranged the disposition of The Village at Hayden, a 156,751-square-foot mixed-use development in Scottsdale, Ariz. HFF’s CJ Osbrink and Derreck Barker represented the seller, a partnership between AEW Capital Management and The Muller Co. and procured the buyer, Arizona Partners. The asset traded for nearly $26.5 million, free and clear of financing.
Located at 8260 North Hayden Road, the 11.8-acre site is part of the McCormick Ranch community located north of Scottsdale. Additionally, the asset is one mile from Arizona State Route Loop 101. The two-building property encompasses both office and retail tenants. At the time of the deal, The Village at Hayden was 97 percent leased to businesses including Capital Consultants Management, Company Nurse and Phoenix Photonix, among others.
According to Yardi Matrix, the transaction was subject to a $17 million loan originated by American Equity Investment Life Holding Co., which is due in 2027. AEW Capital Management acquired the controlling interest in the property back in 2014 for $18 million.
Images courtesy of Yardi Matrix