PHOENIX—8388 Hartford LLC, managed by HomeSmart founder Matt Widdows, purchased a 66,800-square-foot office building in the Perimeter Center Scottsdale located at 8388 E. Hartford Dr.
Widdows paid $7 million to acquire the site. The seller was Buchanan Street Partners. Buchanan Street purchased this asset in 2012 at nearly 100% vacancy for $4.4 million and has carried the asset for nearly two years with limited occupancy.
The transaction was negotiated through City to City Commercial by Kent Baker who represented the buyer. Cassidy Turley's Eric Wichterman was the listing agent on the property for Buchanan Street.
“The submarket is all class A office and flex type uses. It's just north of Scottsdale Airpark,” Baker tells GlobeSt.com. “It was 100% vacant at close of escrow. HomeSmart will be moving its headquarters there and utilizing about 25,000 square feet. They intend to lease out the balance.”
Baker says the buyer took an $8.4 million loan from Johnson Bank to pay off another property, pay for the Hartford asset and to make some improvements to the new property.
“All in all, though, the building was in really good shape.”
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