CBRE completes $37.5M sale of Scottsdale Executive Office Center

A view of the Scottsdale Executive Office Center. (Submitted photo)

CBRE is announcing the recent completion of the $37.5 million sale of the Scottsdale Executive Office Center.

Barry Gabel and Chris Marchildon, with CBRE’s Phoenix office, represented the seller, Perry Investment Trust No.1, LLC, which is based in Phoenix, according to a press release.

The buyer, Kramer-Wilson Company, Inc. is located in Encino, Calif.

The 181,238-square-foot Class A office campus, is the third of four office properties that Kramer-Wilson Company purchased in the greater Phoenix market since last November, totaling nearly a 500,000 square feet.

“Scottsdale Executive Office Center is a unique office campus located within the heart of the Scottsdale Airpark,” said Mr. Gabel, of CBRE, in a prepared statement.

“The property offers timeless architecture, a large and desirable site area with strong parking, and credit tenancy. The one-story buildings with high ceilings and lush garden breezeways are optimal for the creative office designs that are conducive for today’s collaborative workspace environments.”

Near Scottsdale Airpark, with access to Loop 101, the multitenant property was constructed in 1997 and features seven freestanding buildings, the release notes. The property features Class A building improvements, mature landscaping, exterior premises entries, covered canopy parking, electric car charging stations and close proximity to premier retail and dining destinations including Scottsdale Quarter, Scottsdale Promenade and Kierland Commons.

“We could not be more pleased to add Scottsdale Executive Office Center to our office portfolio,” said Brian Gibbons, with Kramer-Wilson Company, Inc. “We are big fans of this vibrant and infill submarket and believe strongly in its sustainability due to the numerous economic drivers in the area.”

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