A multitenant office building, the El Presidio at Pinnacle Peak, has sold for $7.65 million.
The Scottsdale office building is two stories and stands at 59,438 square feet, according to a press release. Located at 8700 E. Vista Bonita Drive, the building was acquired by a Southern California-based investor, CRE College Plaza LLC.
The Phoenix office of Cushman & Wakefield helped to advise the sale.
“El Presidio at Pinnacle Peak is a prime office investment asset configured strictly for small multi-tenant use, putting the building in a great position to capitalize on the thriving small tenant market, said Cushman & Wakefield Managing Director Mike Coover. “The building’s trade area has enjoyed several consecutive years of single digit office vacancy—buildings within a 3-mile radius of the property reported a ±9.1% office vacancy rate as of our most recent tracking in Q1 of 2024.”
The office property was built in 2020 and is located near residential communities in North Scottsdale such as Silver Leaf, Troon, Estancia and more.
