SOLD
Reliance Management Acquires Gainey Center II Office Building In Scottsdale, AZ For $26.5M
8501 North Scottsdale Road
Office
151,522 SF
151,522 SF
Sold 287 days ago
Summary
Sale
ARIZONA
Office
151,522 sqft
The Gainey Center II, a 151,522-square-foot office building located at 8501 N Scottsdale Rd in Scottsdale, AZ, has been sold for $26.5 million. The transaction took place on 08/08/2023, with Reliance Management, a Phoenix-based company, acquiring the property. The price per square foot for the sale was $175.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $26,500,000
- Square Footage: 151,522
- Address: 8501 N Scottsdale Rd, Scottsdale, AZ
- Market: Scottsdale, AZ
This sale represents a loss for the sellers, Lincoln Property Co. and Goldman Sachs, who had originally purchased the Gainey Center II for $35.25 million in 2016. Despite being one of the significant office deals of the year, the sellers were unable to recoup their initial investment.
Details
SOLD
IMAGE: 08/08/2023
ADDRESS: 8501 N Scottsdale Rd
MARKET: Scottsdale, AZ
ASSET TYPE: Office
BUYER: Reliance Management
SELLER: Lincoln Property Co & Goldman Sachs
SALE PRICE: $26,500,000
SF: 151,522 ~ PPSF: $175
NOTE: Reliance Management, based in Phoenix, has acquired the Gainey Center II, a 151,522-square-foot office building, for $26.5 million. Despite being one of this year's significant office deals, it resulted in a loss for the seller, Lincoln Property Co. and Goldman Sachs, who had initially bought it for $35.25 million in 2016.View on map
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Address8501 North Scottsdale Road
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