Colliers International completes $1.5M sale of Scottsdale law firm

(submitted photo)

8171 E. Indian Bend Road(submitted photo)

Colliers International in greater Phoenix recently completed the sale of a 6,000-square-foot freestanding office building for $1.5 million, or $250 a square foot.

The Scottsdale office building located in the Indian Bend Corporate Center currently houses the Law Offices of Margrave Celmins, P.C.

8171 E. Indian Bend Road, LLLP of Scottsdale traded the property, 8171 E. Indian Bend Road, #145, to Y I ranches, LP, of southern California, in a 1031 exchange transaction, according to a press release.

Marc Bonilla, a vice president in Colliers’ Scottsdale office, represented both parties involved in the transaction.

The sale marks the highest price per square foot paid in the Indian Bend Corporate Center post-recession to date.

Mr. Bonilla stated the investment fundamentals were strong. The tenant profile supported asset value in a highly desirable Scottsdale location.

“It’s becoming particularly difficult for private capital investors to find quality product in this size and price range at attractive yield levels in Scottsdale,” Mr. Bonilla stated in the release.

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