Orion closes multi-tenant office building in Scottsdale

Scottsdale Excellence Square (submitted photo)

Scottsdale Excellence Square (submitted photo)

ORION has announced the sale of Scottsdale Executive Square, a 29,806 square foot, Class B multi-tenant office.

The office building recently sold for $3,540,000 — equaling 118.77 per square foot.

Situated on 97,200 square feet, just north of the northeast corner of Scottsdale and Thunderbird Roads, the building has Scottsdale Road frontage with approximately 35,665 vehicles passing per day, according to a press release. Scottsdale Executive Square was 77 percent leased at close of escrow.

“The Scottsdale Executive Square transaction serves as yet another example of the demand to secure a position along this dynamic stretch of Scottsdale Road. While there is not much excitement surrounding Class B Suburban Office as an asset class, generally, this particular asset was located on a 97,200 square foot under-improved site with several hundred feet of frontage along Scottsdale Road. In a corridor where similar sites are regularly trading well in excess of $50 per square foot, Scottsdale Executive was very attractive when viewed as an income producing land bank play,” stated Braxton Glass, vice president at ORION, in the release.

The Seller was California-based Scottsdale Executive Square Associates, LLC. Locally-based CAM Scottsdale, LLC and Murray Scottsdale, LLC purchased the building.

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