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Off-Market Sale Pulls About $6M

SCOTTSDALE, AZ-The 28,548-sf Citadel, situated at one of the city's most desirable intersections, sells for about $5.5 million to a Phoenix investor, one of five chasing the deal for the class A, retail-and-office asset.

By Lee Simmons | Updated on June 07, 2004

SCOTTSDALE, AZ-A Phoenix buyer has closed on the $5.5-million purchase of the Citadel, a 28,548-sf, retail-and-office asset at the high-profile intersection of Pinnacle Peak and Pima roads in North Scottsdale.

“From my point of view, that was a two-year effort,” Jeff Chalfin, a senior adviser at Sperry Van Ness in Phoenix, tells GlobeSt.com. “There was no ask. It was a submit offer-type sale. Everybody put in an offer and they did a second round…and we ended up getting it.”

Maverick Holdings LLC, headed by principal David Christenholz of Paradise Valley, beat out four other offers for the Citadel, a 1988 building situated on four acres at 8700 E. Pinnacle Rd. Christenholz obtained a loan of nearly $4.4 million from the Arizona State Employees Compensation Fund in Phoenix. The financing represents 80% of the building’s value and planned improvements. Chicago-based Bank One Corp. serviced the loan transaction.

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