Institutional Property Advisors Exclusively Offers Data Center and Office Campus for Sale in Scottsdale
April 23, 2024
SCOTTSDALE, Ariz., April 23, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the exclusive listing for sale of a 354,888-square-foot, single-tenant data center and office campus in Scottsdale, Arizona. The price is open bid.
“This is a generational opportunity to purchase a cover land parcel in the heart of North Scottsdale leased to CVS Caremark, which recently executed a 15-year lease extension guaranteed by parent company CVS Health Corp.,” said Peter Bauman, IPA senior director. “Home to CVS’s main data center, the site is an irreplaceable parcel that is completely built out and any future development is restricted to adaptive redevelopment only,” said Tivon Moffit, IPA senior director. Bauman and Moffit are representing the seller, DRUG (AZ) QRS 14-42 Inc.
The property is located on 38-plus acres with over 1,250 feet of frontage on Shea Boulevard, Scottsdale’s main east-west thoroughfare. LexisNexis’s data center and 365 DataCenter’s facility are within a short drive. Loop 101 is one-half mile away and the HonorHealth Scottsdale Shea hospital campus is nearby. Scottsdale Airport, the WestWorld events facility, Kierland Commons outdoor shopping center, and the Scottsdale Quarter are within proximity.
“This is a generational opportunity to purchase a cover land parcel in the heart of North Scottsdale leased to CVS Caremark, which recently executed a 15-year lease extension guaranteed by parent company CVS Health Corp.,” said Peter Bauman, IPA senior director. “Home to CVS’s main data center, the site is an irreplaceable parcel that is completely built out and any future development is restricted to adaptive redevelopment only,” said Tivon Moffit, IPA senior director. Bauman and Moffit are representing the seller, DRUG (AZ) QRS 14-42 Inc.
The property is located on 38-plus acres with over 1,250 feet of frontage on Shea Boulevard, Scottsdale’s main east-west thoroughfare. LexisNexis’s data center and 365 DataCenter’s facility are within a short drive. Loop 101 is one-half mile away and the HonorHealth Scottsdale Shea hospital campus is nearby. Scottsdale Airport, the WestWorld events facility, Kierland Commons outdoor shopping center, and the Scottsdale Quarter are within proximity.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.