NGKF Arranges $10M Scottsdale Office Park Sale
- May 04, 2017
By Razvan Cimpean
NGKF has brokered the sale of Turnstone Office Park in Scottsdale, Ariz., for $10 million. Turnstone Office Park LP sold the 64,949-square-foot, four-building property to private investors. NGKF Capital Markets’ Erik Marsh, managing director, and Nicole Iglehart, associate, represented both parties in the transaction.
Located at 17797 North Perimeter Drive, the Class B asset offers easy access to Prima Freeway. According to data collected by Yardi Matrix, tenants at Turnstone Office Park include the Federal Aviation Administration, LA Dezign and Medical Billing Group West. The property features more than 250 parking spaces.
“At 65,000 square feet, it was too small to garner institutional interest, so our marketing efforts were primarily focused on private capital investors. The buyers saw upside potential of the asset, coupled with a steady cash flow,” Marsh said in a prepared statement.
Earlier this year, NGKF Capital Markets completed the sale of Empire Towers I-IV, a four-building office campus in Ontario, Calif.
Image courtesy of Yardi Matrix