Phoenix, May 22, 2017 – Colliers International in Greater Phoenix negotiated the $40.18 million sale of the Discount Tire Corporate Headquarters project at 20225 N. Scottsdale Road in Scottsdale, Arizona.
The two-story Class A office project was developed by Opus West Corporation in 2002, through a structured build-to-suit agreement with Discount Tire Company’s founder, Bruce Halle. Discount Tire has been leasing the building for 15 years and Halle decided to purchase the project.
Halle Properties LLC in Scottsdale (Bruce Halle, principal) acquired the 157,566-square-foot office building at the northeast corner of Scottsdale Road and Thompson Peak Parkway. The seller in the all-cash transaction was Tucson-based Holualoa Thompson Peak LLC. In November of 2004, Holualoa purchased the property for $31.4 million. The sale was negotiated by Jim Keeley and Marc Bonilla in Colliers’ Scottsdale office.
The 5.854-acre, corporate headquarters site is located within the prestigious Grayhawk community. The corporate headquarters project is surrounded by approximately 10 acres of undeveloped land, which is also owned by Halle.
“We were consulting with several high profile prospects circling the deal over the course of the last few years,” said Bonilla. “Clearly, none of them was more qualified than Mr. Halle. The price Halle Properties paid for the asset is well below replacement cost, and the value of the asset is particularly enhanced by the adjoining 10 acres also held by Mr. Halle. This strategic acquisition now gives Discount Tire unfettered control of any such growth and expansion projections moving forward.”
Discount Tire Company and America’s Tire is the world’s largest tire and wheel retailer with more than 900 stores in 31 states. Holualoa, over the last 20 years, has become a dominant investor and developer in both Tucson and Phoenix.
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Colliers International in Greater Phoenix has served clients locally and globally for more than 35 years.