9841 E Bell Road, Bldg 8 - Suite 110 & 120 Scottsdale , AZ 85260
Real Estate Type: Office
Square Feet: +/- 3,165
Challenge
• Shifting Capital Market environment with increasing interest rates
• Timeline of Sale
• Decreasing volume of office user buyers
Solution
• Marketing blitz including hands on canvassing and cold calling local tenants, blasts to out of state broker network, and emphasis on marketing to professional service firms looking to potentially move out of CA and to AZ
• Leveraging tight micro market for office condos and desire for business owners to remain close to home in North Scottsdale to achieve desired pricing
• Constant communication with ownership throughout process to alleviate concerns on sale timeline and ultimately achieve desired pricing for sale
Results
• Successful escrow and closing through good communication and collaboration with ownership and co-broker
• It sold for $1,297,000 or $410/SF. Goal was over $400/SF
• Our rate of return = 129.56%