The long dead Scottsdale 92 office buildings adjacent to (and originally developed as a part of) the Sprouts anchored Mercado del Rancho retail center at 92nd St and Shea Boulevard in Scottsdale sold on 9.2.2014 for $7.62M.
According to County records, the seller, Black Canyon Place, LLC, originally purchased the property which consists of a two-story 13,000 SF office building and a three-story 58,000 SF office building, in April of 2010 for $4M cash.
Interestingly, the property was approved in July of last year for a rezoning and non-major general plan amendment by the City taking it from C-3 zoning and Commercial land use to PUD (Planned Unit Development) zoning and Mixed Use Neighborhoods land use to facilitate the development of a loft project. That application would have converted all 58,000 SF of the larger building into a loft apartment rental community proposed as Scottsdale Lofts 92. The applicant in that case was Visiquest Properties, LLC (Joel Broder, principal), but Visiquest was not the buyer in this deal. At this time, we do not have confirmation of the buyer but will follow up with details as we get them.
