CBRE Facilitates $10.3 Million Sale of North Scottsdale Office Building

CBRE has announced the $10.3 million sale of a 37,495-square-foot office property prominently located at 14631 North Scottsdale Road in Scottsdale, Ariz. Bell Bank acquired the property in a transaction that highlights the scarcity of mid-size office buildings in the area, particularly those with frontage along Scottsdale Road.

CBRE’s Geoffrey Turbow, who partnered with Shay Bolton and Kirill Azovtsev of Savills, represented a private seller in the transaction.

“This property is a generational asset in the Scottsdale Airpark submarket, where buildings of this size and quality rarely trade – on average, just once every 30 years,” said Turbow, senior vice president at CBRE. “We launched the offering with flexibility from the seller, allowing it to appeal to both owner-users and value-add investors. Ultimately, we secured a buyer who will benefit from both immediate cash flow and long-term occupancy potential. With strong in-place tenancy, excellent visibility with frontage on Scottsdale Road, and proximity to premier amenities like Scottsdale Quarter and Kierland Commons, this transaction reflects the strength and scarcity of high-performing office assets in Scottsdale.”

The property sits on 112,000 sq. ft. of land and is currently 84.5% leased. Bell Bank intends to occupy the building and expand its footprint over time as space becomes available, aligning with its long-term growth strategy.

 Located in the heart of Scottsdale Airpark, the property benefits from excellent access to major transportation arteries and is surrounded by abundant retail, dining and lifestyle amenities.