(PRWEB) November 02, 2012
The Desert West Region office of Lincoln Property Company, a full-service real estate firm providing development, investment, property management, receivership, leasing and construction management announced the sale of Chaparral Business Center VI, located at 5401 North Pima Road in Scottsdale, Arizona.
Salt River Development Company paid $10.5 million ($151.75 PSF) to acquire the 69,192 square foot Class “A” property located at the northwest corner of Loop 101 and Chaparral Road.
Developed by Lincoln Property Company in 2008 along with Phase V, Chaparral Business Center VI is located in the desirable Scottsdale submarket. This modern suburban office building is 100% occupied by tenants: Move.com, Howard S. Wright and Equiant Financial Services. Chaparral's strong leasing history is the result of its strategic location with immediate access and visibility to Loop 101 and the Valley's freeway systems, abundant nearby amenities and access to the largest and best educated labor force in the Metropolitan Area.
Chaparral Business Center is comprised of 6 office buildings totaling approximately 418,400 square feet. With its premier location, Chaparral Business Center attracts large national tenants as well as tenants from all over Metropolitan Phoenix. Tenants include: Western International University, Regenesis Biomedical, Acclivity Healthcare, Nextiva and Keller Williams Realty. Also located in the park is the newly opened Marriott Courtyard Hotel.
“We were pleased to work with Salt River Devco on the sale of this property,” said David Krumwiede, Executive Vice President of Lincoln Property Company. “As the owner of the balance of the business park, they were the natural buyer.”
Brokers for the transaction were Jim Fijan, Tom Adelson and Jerry Roberts of CBRE.
LINCOLN PROPERTY COMPANY
Lincoln Property Company ("Lincoln") is an international full service real estate firm offering real estate development, design / construction management and property / asset management services. Founded in 1965, Lincoln currently has approximately 4,400 employees and maintains a presence in more than 200 cities in the United States and 10 countries throughout Europe.
Lincoln's Desert West Region, which includes Arizona, Nevada, Utah and New Mexico, is based in Phoenix, Arizona and has been operating since 2001. Lincoln has developed 2.7 million square feet, acquired 3.7 million square feet and manages 5.5 million square feet of commercial space.
Lincoln’s notable developments and investments include the LEED Platinum Certified Arizona Game and Fish Department Headquarters, Paradise Village Office Park, Broadway 101 Commerce Park and Camelback Square. Lincoln was also recently ranked 4th in the Arizona Republic Who’s Who in Business. The Phoenix Business Journal Book of Lists ranks LPC in the top 10 Commercial Real Estate Property Management firms. For more information, visit http://www.lpcphx.com.