Institutional Property Advisors Brokers Data Center and Office Campus Sale in Scottsdale Arizona
August 15, 2024
SCOTTSDALE, Ariz., Aug. 14, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of a 354,888-square-foot single-tenant data center and office campus in Scottsdale, Arizona.
“The property operates as a mission critical data and operations center for CVS,” said Peter Bauman, IPA senior managing director. “We successfully generated 25 offers from a diverse group of institutions, ultra-high net-worth individuals, 1031 exchange buyers, and developers in a very competitive process,” said Tivon Moffitt, IPA senior managing director. “The Bauman-Moffitt team continues to achieve exceptional results for our clients who own office investments.” Bauman and Moffitt represented the seller, Net Lease Office Properties, and procured the buyer.
The property is located on over 38 acres with 1,250 feet of frontage on Scottsdale’s main east-west thoroughfare, Shea Boulevard. Loop 101 is a half mile away and the HonorHealth Scottsdale Shea hospital campus is close by. Scottsdale Airport, the WestWorld events facility, Kierland Commons outdoor shopping center, and the Scottsdale Quarter are within proximity.
“The property operates as a mission critical data and operations center for CVS,” said Peter Bauman, IPA senior managing director. “We successfully generated 25 offers from a diverse group of institutions, ultra-high net-worth individuals, 1031 exchange buyers, and developers in a very competitive process,” said Tivon Moffitt, IPA senior managing director. “The Bauman-Moffitt team continues to achieve exceptional results for our clients who own office investments.” Bauman and Moffitt represented the seller, Net Lease Office Properties, and procured the buyer.
The property is located on over 38 acres with 1,250 feet of frontage on Scottsdale’s main east-west thoroughfare, Shea Boulevard. Loop 101 is a half mile away and the HonorHealth Scottsdale Shea hospital campus is close by. 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.