Developers buy their 3rd building on a prime Old Town Scottsdale block
Dec 30, 2024, 4:30 AM
PHOENIX — A Phoenix-based developer and Colorado private equity firm have combined to acquire their third building on a block in the heart of Old Town Scottsdale.
George Oliver LLC, in partnership with Ascentris, on Friday announced the $42.25 million purchase of 7272 E. Indian School Road, a 165,220-square-foot office building.
George Oliver and Ascentris now own about 6 acres of real estate at Scottsdale and Indian School roads.
In June, they scooped up the neighboring properties at 4141 and 4167 N. Scottsdale Road. The 4141 address is a 162,227 square-foot office building, and 4167 is a 15,000 square-foot retail building.
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The Scottsdale Marriott Old Town hotel is the only other structure on the block, which is bordered by Scottsdale Road on the west, Buckboard Trail on the east, Third Avenue on the north and Indian School Road on the south.
How will developers use Old Town Scottsdale property?
The latest purchase pushes the partnership’s footprint on the block to over 350,000 square feet. George Oliver plans to redevelop the properties into a combined campus.
“Delivering a best-in-class office project in Old Town Scottsdale has been a bucket list item for George Oliver since our inception,” Curt Kremer, the local company’s founder and managing partner, said in a press release. “The purchase of 7272 E. Indian School allows us to execute that goal with a more robust amenity offering inside a campus-style experiential office portfolio.”
Renovations are expected to begin at some point in 2025.
“The transformative repositioning of these assets will create a truly unique offering in Old Town Scottsdale,” Jeff Higgins, Ascentris managing director, said in the release.
George Oliver is currently developing two modern workspace projects in the Valley: Arbor in Tempe and Bond in Phoenix’s Biltmore area.
