News Release: Two North Scottsdale Offices Sold for $12.13 Million

Cushman & Wakefield / Helix Properties Sells Sonoran Corporate Center Buildings Totaling 42,128 SF. (Photo courtesy of Cushman & Wakefield)

PHOENIX, March 30, 2017 – Cushman & Wakefield Eric Wichterman and Helix Properties, Ryan Spiekerman and Adam Feldman, completed the sales of two North Scottsdale office buildings located in the prestigious Perimeter Center for a total of $12.13 million. The properties located at 8322 E. Hartford Drive and 8324 E. Hartford Drive were single entity LLC’s controlled by Helix and purchased by San Diego-based Heritage Partners.

Cushman & Wakefield’s Executive Managing Director Eric Wichterman and Senior Director Mike Coover represented Phoenix based Helix Properties LLC as the seller of the properties.

The two Class A, two-story office buildings totaling ±42,128 square feet were 100% occupied at the time of sale by medical and healthcare related tenants.

During Helix’s ownership, Ryan Spiekerman was instrumental in bringing a new vision to re-purpose the assets as not just medical office, but as a cutting edge clinical facility accommodating functional flex care programs while providing appropriate spaces for affiliated, interdisciplinary physician groups. This hard work changed the face of the traditional medical office building to accommodate the emerging treatment models of future medicine. “As medicine changes, so do our tenant’s needs change,” said Ryan Spiekerman of Helix Properties. “We need to be prepared to be engaged with our tenants needs to ensure their continued growth and success.”

8322 E. Hartford Drive sold for $6.6 million—or ($313.33 per square foot)—and is leased to SH Operating, LLC (dba Recovia), an upscale outpatient treatment center for prescription medication dependency, with eight and a half years remaining on the lease term. 8324 E. Hartford Drive is leased to Passport Health, LLC, the nation’s largest travel medicine services provider, with four and a half years of remaining lease term and sold for $5.525,000 ($262.30 per square foot). The subject buildings are the only two-story structures within Sonoran Corporate Center and, therefore, are the most prominent buildings in the project.

The buildings are part of Sonoran Corporate Center, a six- building office complex located at the corner of Princess Drive and Hartford Drive. Sonoran Corporate Center is located within Perimeter Center, one the finest business parks in Metro Phoenix.

“Helix Properties accomplished a tremendous feat in identifying two rare, high-quality office buildings with unstable tenancy in a Class A North Scottsdale location; and shortly thereafter, refilling them with quality tenants. With this exceptional final product, we were able to achieve the highest pricing to occur in the submarket in 15 years, with respect to 8322 E. Hartford,” said Eric Wichterman.

About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake  on Twitter.

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