Reliance Management Acquires Gainey Center II Office Building In Scottsdale, AZ For $26.5M
8501 North Scottsdale Road Scottsdale, Arizona 85253, USA
$26,500,000
$174/SF
Building Size
151,522 SF
Asset Type
Office
Closing
Aug 8, 2023
About this deal
AI
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.
Players
Scottsdale Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.60%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93