Phoenix-based Arc Construction and the Canadian MacDonald Development acquired the Arizona School of Real Estate building in Downtown Scottsdale (7142 E First St) recently for $7.7M.
The seller was Bill Gray, founder of the real estate school, which still occupies the building and has a lease for another 20 months.
The parking lot next to the building represents a development opportunity, anywhere from 40k SF to possibly as much as 100k SF. The development would take advantage of high demand for office space in Scottsdale, and the relative lack of it. [PBJ]
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