December 17, 2015
Triyar Cos. of Scottsdale, AZ acquired 2.7 acres in Old Town Scottsdale from Jerry Simms, also of Scottsdale, and Ron Simms of Los Angeles. The $22.5 million transaction, approximately $191 per sf, represented a record sales price for the South Scottsdale submarket.
The transaction included a 67,700-sf office building at 7201 E. Camelback Rd. and a 1,021-sf retail asset at 7216 E. Shoeman Lane. The property is slated for rezoning and redevelopment.
Jim Fijan and Will Mast with CBRE negotiated the transaction. Fijan said the submarket is becoming a tech hub for office users and an entertainment destination for millennials. Fijan predicts similar infill properties with high-density development opportunities will drive sales.