A joint venture of George Oliver Cos. and Ascentris has acquired 7272 E Indian School, a 165,220-square-foot office building in Scottsdale, Ariz., for $42.3 million. Seller Goldman Sachs Asset Management LP bought the asset in 2016 from Lowe for $40 million, according to CommercialEdge information. JLL arranged the current deal for the seller.
7272 E Indian School, along with two other similar assets the partnership purchased this year—4167 and 4141 N. Scottsdale Road—will be renovated and transformed into an office campus carrying the George Oliver trademark.
Located 12 miles east of downtown Phoenix, the three adjacent properties are at the corner of Scottsdale Road and Indian School Road, totaling over 350,000 square feet on a 6-acre site. With George Oliver Design in charge of design and architecture, the campus, soon to be dubbed Old Town Scottsdale, is scheduled to begin renovations in 2025.
The last piece of the puzzle
Completed in 1988, the five-story office building at 7272 E Indian School Road previously underwent renovations in 1998 and 2012. On-site amenities include conference rooms, individual pods for teleconferencing and podcasting, as well as a fitness center, dining and bar areas and EV charging stations. The tenant roster comprises Cornerstone Advisors of Arizona LLC, Crest Insurance Group LLC, Puritan Life Insurance Company of America, along with Grossman Company Properties.
JLL’s Senior Managing Director Ben Geelan and Senior Director Will Mast, together with Jack Miller and Real Estate Analyst Virginia Martin, worked on behalf of the seller in the present transaction.