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$5M Sale/Leaseback Buys 10-Year Tenant

SCOTTSDALE, AZ-A Scottsdale investor lays down about $4.8 million with Rowland Cos., a builder of medical and church properties, which plans to deploy the gain from Sonoran Corporate Center IV into expanding its Texas operations.

By Lee Simmons | Updated on April 28, 2004

SCOTTSDALE, AZ-Wolff Co., a Scottsdale-based commercial property investor, has purchased the Sonoran Corporate Center IV office building for close to $4.8 million from Rowland Cos. of Scottsdale. Wolff will lease the entire 21,064-sf building back to the seller.

“It’s the only submarket with any significant speculative office development going on right now. There’s plenty of demand,” Eric Wichterman, a senior vice president and principal with Grubb & Ellis/BRE Commercial’s Phoenix office, tells GlobeSt.com. “Wolff is interested in single-tenant properties. It’s the old ‘location, location, location.’”

Located at 8324 E. Hartford Dr., the building is part of the six-building Sonoran Corporate Center in the master-planned Perimeter Center just north of Scottsdale Airpark. The two-story property was built in 2002. Wolff has owned a second building in the office park since 2002, says Wichterman.

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