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Partially Built Scottsdale office project sells for $7.7M

By Kristena Hansen for the Phoenix Business Journal

The Peaks Corporate Park in Scottsdale.

A vacant, partially built north Scottsdale office project with a somber past was acquired by Peaks Corporate Park LLC, Scottsdale, earlier this month in a $7.7M deal, according to Cassidy Turley BRE Commercial in Phoenix, which represented the seller.

The 7.2-acre Peaks Corporate Park is comprised of two office buildings totaling almost 135K SF and an underground parking garage located just south of the southeast corner of Miller and Pinnacle Peak roads, according to Cassidy Turley.

The buyer purchased both 2008 buildings, which have second-story views of the McDowell Mountains. They were purchased in “gray shell” condition, meaning the tenant spaces were never fully built-out and therefore lack interior elements such as appliances, lighting, flooring and, of course, tenants themselves.

The builders were acquired from Dickinson Financial, the lender, after a $20M foreclosure.

Read more at Phoenix Business Journal