The 157K SF Discount Tire Co. corporate headquarters building at 20225 North Scottsdale Road in Scottsdale has traded for just over $40M, selling to Halle Properties in Scottsdale. Halle Properties principal Bruce Halle is founder and chairman of Discount Tire. The seller was Tucson-based Holualoa Thompson Peak LLC, which acquired the property in 2004 for more than $31M.
The property was developed in 2002 by Opus West Corp. through a build-to-suit agreement with Bruce Halle. Since then, the company has leased the building in its entirety. The sale of the property was facilitated by Marc Bonilla and Jim Keeley of Colliers International in Greater Phoenix.
“We consulted with several high-profile prospects circling the deal over the course of the last few years,” Bonilla said.
He said the price Halle Properties paid for the asset was well below replacement cost.
"And the value of the asset is particularly enhanced by the adjoining 10 acres also held by Mr. Halle. The acquisition now gives Discount Tire unfettered control of any such growth and expansion projections moving forward.”
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