The three-year-old condo at 15650 N. Northsight Blvd. was listed at $1.5 million, says Mark Phillips, a senior adviser with Sperry Van Ness' Phoenix office. He represented the buyer in the transaction. Darryl Szarka of DKS Brokerage in Scottsdale negotiated the deal for the local seller, LGE/Szarka LLC.
Part of a 20,000-sf industrial building with three other condos, the just-sold space is leased to Exotic Automotive, a local company that sells high-end vehicles like Maserati, Ferrari and Aston Martin. Exotic Automotive's lease expires in 18 months, Phillips says, adding the rent is $18 per sf, triple net.
"The buyer really liked the condo's location, which is surrounded by automotive dealers and users," Phillips tells GlobeSt.com. "It's zoned C-4 and there is limited C-4 in the airpark so there's a very limited re-leasing market with high demand."
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