Search
 

Comerica Grabs North Scottsdale Road Site for $6M

SCOTTSDALE, AZ-Comerica Inc. pays $5.5 million for a vacant office building and 3.5 acres along Scottsdale Road. The Detroit-based bank plans to raze the building and put a banking center in its place.

By Jennifer D. Duell | Updated on December 23, 2004

SCOTTSDALE, AZ-As part of its aggressive expansion plans in the Valley, Comerica Inc. has acquired 3.5 acres in the Scottsdale Airpark for $5.5 million.

The site at 14801 N. Scottsdale Rd., sold by the Bloomington, IL-based State Farm Mutual Automobile Insurance Co., holds an 8,000-sf vacant building that formerly housed a collision and claim business, says Brian Black, vice president in Phoenix for Dallas-based Trammell Crow Co. Black and TCC associate Mike Kitlica negotiated on behalf of the Detroit-based Comerica while State Farm relied on in-house representation to steer its talks.

“Comerica is seeking highly visible sites across the Valley that will give them exposure, and it’s almost impossible to find land that fronts Scottsdale Road,” Black says. He tells GlobeSt.com that Comerica plans to raze the vacant building, build a 5,000-sf banking center on one acre and sell the balance of the land. He predicts the acreage will get $20 per sf to $35 per sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.