Crown West Realty recently completed the acquisition of Scottsdale Commerce Center in Scottsdale, Ariz., for approximately $14.4 million.
Pacific Development Partners sold the property, which includes five flex-office buildings totaling almost 118,000 square feet located at 1375-1525 North Hayden Road.
The acquisition is Crown West’s 14th in the area since 2001.
At the time of purchase, the property was 81 percent leased, with FedEx occupying approximately one-third of the property. Various service, engineering, and home furnishing and design firms rounded out the tenant mix.
Crown West plans to upgrade the complex with an overhaul of the building façade, new landscaping, new building signage, and numerous building system upgrades, according to a press statement.