Tech Tenants Come to Scottsdale
Downtown Scottsdale is attracting all kinds of tech-forward companies, quickly pushing rental rates to almost $30/SF and causing vacancies to drop into the low single digits, JLL SVP Brian Ackerman tells us. What’s bringing them to the area? Walkability, for one thing -- 4141 N Scottsdale, for instance, gets an 80 out of 100 from Walk Score, or Very Walkable. Recently Brian, along with JLL senior managing director Dennis Desmond, repped the seller, 4141 N Scottsdale Holdings LLC, in the $34.5M trade of the property. Palisades Capital Realty Advisors was the buyer.
The three-story, 147k SF 4141 building is 91% occupied. Built in 1989 and renovated in 2013, it’s at the northeast corner of Scottsdale and Indian School roads, within walking distance of Scottsdale Fashion Square. JLL’s Chris Casey and Reid McGlamery secured the financing for the buyer. Capital’s looking for this kind of property, too. According to Chris, the deal generated a “tremendous response from lenders” who were impressed with the location, as well as the high occupancy.