Gainey Center office building on Scottsdale Road sells for $26.5M
Aug 14, 2023, 11:29 AM
PHOENIX — A large office building that sits along Scottsdale Road recently sold for $26.5 million to a longtime Phoenix commercial real estate investor.
The 143,653-square-foot, three-story, Class A building was purchased by Presson Companies, headed by Daryl Burton, according to a press release.
Presson Companies acquired the building located at 8501 N. Scottsdale Road, just south of Doubletree Ranch Road, from LPC Desert West, the southwest division of Lincoln Property Company.
“Gainey Center was a very successful investment for us over our hold period,” LPC Vice President John Orsak said in the release.
“This building is held in high regard for its location and quality. It was a priority of ours to maintain that value with top-shelf institutional management.”
During LPC’s ownership, the building underwent extensive renovations, which included a modernized signage system, restrooms and elevator banks.
The center was part of a 2017 LPC campaign to upgrade a large portion of its local office space to Energy Star, which identifies top-performing, cost-effective products, homes and buildings.
“Lincoln Property Company has done an exceptional job of amplifying the value of this distinguished office asset,” Burton said. “We are pleased to inherit that legacy and to usher in the next chapter of Gainey Center.”