North Scottsdale office building sells for $8.5M

(submitted photo)

(submitted photo)

Cushman & Wakefield, a global leader in commercial real estate services, announced on Jan. 25 that the former Giant Industries corporate headquarters office building at 23733 N. Scottsdale Rd. has been sold to an investor that will convert the property into an assisted living facility.

Generations at Pinnacle Peak, LLC of Grand Haven, Mich., acquired the property from United Insurance Co. of America, a company formed by Kemper Corporate Services, Inc. in Chicago.

Cushman & Wakefield Vice Chairman Larry Downey represented the seller in the transaction, according to a press release.

“This transaction evolved into one of the more complicated and creative transactions I have been involved with,” stated Mr. Downey in the release. “The buyer evaluated the site with a keen eye towards the demographics of the area and suitability for the future assisted living usage. This prime location within the luxury housing area of north Scottsdale was well-suited for this purpose rather than a corporate office space, and the buyer’s foresight translated into an ideal solution for the property.”

The two-story building was constructed in 1989 and contains approximately 66,283 square feet of office space. The structure is situated on 3.98 acres of land just north of the intersection of Scottsdale and Pinnacle Peak roads.

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