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$38M Gainey Center Sale Sets Per SF Record

SCOTTSDALE, AZ-The 146,318-sf Gainey Center II trades for the third time in five years to KBS Realty Advisors for $37.8 million. The office building sells for $258 per sf, the highest per sf price ever paid in Arizona for a multi-tenant property of its size.

By Jennifer D. Duell | Updated on January 17, 2005

SCOTTSDALE, AZ-KBS Realty Advisors of Newport Beach, CA, has laid $37.8 million on the line to buy Gainey Center II, a 146,318-sf, class A office building. At $258 per sf, the three-story building sold for the highest price ever paid in Arizona for a multi-tenant office property of more than 100,000 sf, according to the deal’s broker.

Jim Fijan, an executive vice president of CB Richard Ellis Inc., tells GlobeSt.com that Gainey Center II received 12 offers. “It’s the nicest building in Scottsdale in terms of quality and construction,” says Fijan, who teamed with CBRE’s Tom Adelson, Jerry Roberts and Kevin Calihan to represent the seller, San Francisco-based Maier, Siebel & Baber.

Located at 8501 N. Scottsdale Rd. in North Scottsdale, Gainey Center II has traded hands three times in just five years. It was developed in 2000 by Opus West Corp., which sold it after completion to a partnership between Walnut Creek, CA-based ZKS Real Estate Partners LLC and San Francisco-based Carlyle Group for $22 million. In June 2002, the partnership sold the asset to Maier, Siebel & Baber for $32 million.

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