Comerica Grabs North Scottsdale Road Site for $6M

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.