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LaSalle Investment Collects $37M From Off-Market Office Sale

SCOTTSDALE, AZ-An Arizona family parlays 1031 exchange funds into the 179,888-sf Scottsdale Executive Office Center, using a pre-emptive strike to block its marketing. The complex is 88.9% leased, but there are deals in the works to bump it to 95%.

By Amy Sorter | Updated on October 25, 2005

SCOTTSDALE, AZ-Chicago-based LaSalle Investment Management Inc. has sold the 179,888-sf Scottsdale Executive Office Center for $37 million in an off-market transaction. The private investor in Sun City West, AZ purchased the Scottsdale Airpark asset to satisfy a 1031 exchange.

“The buyer is a local family. I believe they sold a large tract of land that was a farm they operated. They wanted to turn that asset into an income stream,” says Bob Buckley, senior vice president with Trammell Crow Co.’s Phoenix office. He and the TCC team of Barry Gabel, Melinda Korth, Tracy Cartledge and Steve Lindley brokered the deal on behalf of LaSalle.

Located at 15880, 15990, 16100 N. Greenway-Hayden Loop, the complex was 88.9 % occupied when it changed hands. Allied Waste Management Inc., the lead tenant, occupies about 54% of the class A space. “There are ongoing negotiations for another 10,000 sf that would take the property to about 95% percent occupied,” Buckley says. Leasing, he adds, is being handled by local firm, Shell Commercial. The complex was developed between 1996 and 1998, but it doesn’t need a renovation, he adds.

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