George Oliver Cos., a Phoenix-based developer, has acquired a 165,220-square-foot building at 7272 E. Indian School Road in Old Town Scottsdale for $42.25 million as part of a $76 million joint venture with Denver-based Ascentris. The acquisition adds to their portfolio of six contiguous acres, including properties at 4141 and 4167 N. Scottsdale Road. George Oliver plans a large-scale office redevelopment project, expected to total 350,000 square feet—larger than its current flagship Bond project in the Biltmore area. Specific plans for the site will be announced by Q2 2025, with the redevelopment projected to complete by late 2026. The development will preserve the classic red-brick aesthetic of Old Town Scottsdale while optimizing the properties’ potential. George Oliver views this as a “once in a generation opportunity” and plans to expand its presence in the Phoenix metro area.
Menu
More Information
Frequently asked questions
A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
Helpful blog posts
Menu
480.947.0600
