Coldwell Banker Residential Brokerage
5,202 sf Single tenant office condominium building in North Scottsdale between The Boulders and Terravita in the Scottsdale Westland Office Park. Leased to and occupied by Coldwell Banker Residential since 2006. The lease has been renewed for another 5 years, commencing September, 2016.
This investment property was sold in May 2016 by SteepleRock while still in escrow. It has a blue chip location and a blue chip tenant.
The premier corner pad in Scottsdale Westland Office Park. Southeast corner of Scottsdale Road and Westland Road.
Generous parking. Attractive design. Immaculate landscaping and property management of the project through the owners association.
High barriers to entry for other office projects in the area due to scarcity of zoning, and existing residential development. Two other high end residential brokerages occupy the nearest other buildings in the park, testifying to the appropriateness of this use a this location.
Resale cap rate of 6.92% on annual NOI of $130,000±, for a price of $1,879,000.
Flyer: