"We have heard from our brokerage team that there are clients looking for space in the Camelback and Scottsdale areas," says Rick Stannard, acquisitions director for the Scottsdale-based Shea. "With no vacant land available, we decided to search for buildings that would be suitable for conversion."
The just-bought package consists of the Biltmore Fountains at 2747 E. Camelback Rd.; Biltmore Lakes at 3020 E. Camelback Rd.; and Scottsdale Professional Plaza, situated between Scottsdale and McDonald roads. "We believe we're satisfying a need in the market," Standard says. "This gives us immediate product for sale versus going through the development process of a year and a half."
The 66,218-sf, class A Biltmore Fountains was bought from BFD Partners LP of Seattle for nearly $10.3 million. Built in the early 1980s, the two-story building has been empty since October 2004 when Fox Animation moved out. Stannard tells GlobeSt.com that the developer already has letters of intent for 30,000 sf of the building.
The 79,522-sf Biltmore Lakes, also a class A building, sold for $13 million. It was half leased when it was sold by a limited liability company from Beverly Hills, CA. It was developed in the mid-1980s.
The 22,300-sf, class B Scottsdale Professional Plaza reeled in $4.3 million for Dayton, OH-based Behco Investment LLC. The building is 98% leased. "We feel confident that many of these long-term tenants will want to buy versus lease," Stannard says.
Stannard says the condo space will come to market at $250 per sf. The plan is to rework the interiors into "for sale" space ranging from 1,500-sf offices to full floors for customized build-outs. Shea's Tina Berger and Angie West are overseeing sales for the new inventory, which targets small to midsize companies.
Biltmore Fountains and Biltmore Lakes were marketed by Jim Fijan and Tom Adelson with CB Richard Ellis Inc.'s Phoenix office. Scottsdale Professional Plaza's seller handled the transaction with an in-house representative.
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