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Scottsdale Technology Center Sells for $15.3M

SCOTTSDALE, AZ-The buyer once again is International Capital Partners, which closes its third acquisition in about three weeks. The deal's sweet spot is that there was no debt to assume on the 151,490-sf office and industrial park.

By Jennifer Brenner Andrade | Updated on August 12, 2002

SCOTTSDALE, AZ-International Capital Partners of Phoenix has closed its third acquisition in about three weeks. The latest buy is the three-building Scottsdale Technology Center, an office and industrial park that brought $15.3 million.

At the end of July, International Capital Partners purchased Phoenix’s Lincoln Center in Phoenix. In early August, it was the Chandler and Roeser business parks, also in the metroplex. Now, it’s the 151,490-sf Scottsdale Technology Center along North Hayden Road, developed in 1985 and just sold by IDS Life, an entity of American Express.

Jan Fincham, Patrick Dempsey, Mark Linsalata and Mike McQuaid, all of Lee & Associates Arizona in Phoenix, brokered the transaction for buyer and seller. Fincham tells GlobeSt.com that IDS Life kept to its game plan and sold the park after owning for just four years. The park was only 60% occupied at sale time. Fincham stresses the park maintained good occupancies and supported rent increases when the four-year run is taken into full perspective. The existing tenant roll includes Ryland, Go Daddy Software and International Color.

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