The structure, built in 2003 by Scottsdale-based Salcedo Custom Homes, is located at 16074 N. 78th St. Salcedo sold the office building because its core business is developing high-end homes.
"Salcedo saw the opportunity to diversify a bit and build an office building, but felt it was time to sell it and raise some equity," says Kevin Kopp, a broker with Lee & Associates Arizona. The investment sales team included Jan Fincham, Patrick Dempsey and Mark Linsalata.
Kopp tells GlobeSt.com that Abart Properties, an investment company with offices in Scottsdale and Chicago, was looking for a stable yield investment. He adds that the building's location, age and stable tenancy was attractive. The roster, bolstered by five-year leases, contains local tenants like Flair Supply, a plumbing supply company, and Desert Sound & Security, a home security firm.
"Scottsdale Airpark is the second largest employment hub in Phoenix," Kopp says. "You can't go out and find developable land in the airpark anymore." Abart Properties secured a loan through Bank One to close the deal, according to Kopp.
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