17200 North Perimeter Drive

Details

Scottsdale, Arizona

42,700 RSF

 

Responsibility

  • Acquisition & Ownership
  • Land
  • Leasing
  • Property Management
  • Site Acquisition

 

Value Added

Purchase Date: December | 2015
Purchase Price: $7.7 million
Equity: $1.9 million
Sale Price: $10.3 million
Sale Date: December | 2017

  • “Free” second site
  • Tired outdated interior
  • Large vacancy
  • Created new interior spaces
  • Spec spaces, leasing

In the market for value-added opportunities, Irgens acquired 17200 North Perimeter Drive, a two-story, 42,000 square foot commercial office building set on a 6.54-acre parcel within the Perimeter Center Business Park in north Scottsdale. The project was originally developed in the mid 1970’s. Renovations to the building’s common areas were started immediately and completed successfully without tenant disruption. Irgens concurrently assumed property management of the property, resulting in increased tenant satisfaction. The improved portion of the investment was sold to owner/occupant Taiwanese Supply Co.


A 1.76-acre parcel of vacant, development-ready land was included in the initial acquisition. Prior to the sale of the existing building Irgens worked to reconfigure inefficiencies in the overall site plan, the parcel and create a developable site allowing for a 50,000 square foot, 2-story building to be developed.