Scottsdale McCormick Ranch property sold to Alvarado Realty

A view of the property sold to New Mexico-based Alvarado Realty. (Submitted photo)

A view of the property sold to New Mexico-based Alvarado Realty. (Submitted photo)

Cushman & Wakefield has announced 8700 E. Via de Ventura sold to Alvarado Realty of New Mexico for $7.7 million.

Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley and Associate Ben Geelan with Cushman & Wakefield represented the seller in the transaction, TA Realty of Boston, according to a press release.

8700 East Via de Ventura is a three-story office building, totaling 50,789 square feet and is 92.6 percent occupied. Built in 1986, the property has timeless architectural appeal with ample glass-lines, modern exterior design, contemporary interior finishes and abundant parking spaces.

“The appeal of a stable rent roll, upside in rent and a Scottsdale address set 8700 East Via de Ventura an outstanding opportunity to the investor to acquire a quality office investment in one of Phoenix’s most desirable submarkets,” said Mr. Buckley in a prepared statement.

Encompassing 2.27-acres, the property is in the McCormick Ranch community, offering high-end residential, resorts, golf courses, dining and shopping area.

“The property’s outstanding location dynamics and Scottsdale’s prestigious address continue to be attractive to tenants,” said Mr. Buckley.

The Scottsdale Independent is published monthly and mailed to 75,000 homes and businesses in Scottsdale.

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