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Presidio's Market Exit Fuels $12M Office Sale

SCOTTSDALE, AZ-Presidio Investments of Dallas sells a second office building within a week, landing a buyer who's picking up a tract across the street for a condo project. Highland Park, a 77%-leased, 80,594-sf building, nets $11.5 million for the disposition.

By Jennifer D. Duell | Updated on January 13, 2005

SCOTTSDALE, AZ-After making an unsolicited offer and competing in a bid process, local investor Wolff Enterprises has acquired Highland Park for $11.5 million from Dallas-based Presidio Investments.

Wolff beat out 11 other buyers to claim the 80,594-sf, class B building, says Bob Young, a first vice president with CB Richard Ellis Inc. He and CBRE’s Steven Brabant, Glenn Smigiel, Rick Abraham, Jim Fijan and Jerry Roberts partnered on the sale for Presidio, which is disposing of its entire Phoenix portfolio.

Highland Park is positioned at 4725 N. Scottsdale Rd. near the corner of Scottsdale and Camelback Roads directly across from Scottsdale Fashion Square Mall. “Wolff is buying a piece of land next door to build condos on it so Presidio thought that they would close the deal because they had a motivation to purchase it,” Young tells GlobeSt.com. “It’s really situated right a ground zero for downtown Scottsdale.”

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