CBRE announced the sale of an 8.24-acre site located at the southwest corner of Raintree Drive and 87th Street in Scottsdale, Ariz. The land commanded a sale price of $11.5 million.Barry Gabel, Chris Marchildon, Will Mast and Mitchell Stravitz of CBRE represented the seller, Liberty Property Trust, in the transaction. The buyer was Trammell Crow Company (TCC), one of the nation’s leading developers and investors in commercial real estate. Bryan Taute, also of CBRE, will be retained by TCC as the exclusive leasing agent for the future planned development. The infill site features a high-profile location within the Scottsdale Airpark submarket with over 1,000 square feet of frontage on Raintree Drive. The land is positioned adjacent to Vanguard’s regional headquarters and nearby to numerous corporate tenants, including Republic Services, Hartford Insurance, American Express, Choice Hotels, Morgan Stanley and Fender.“Trammell Crow Company’s acquisition of one of the last remaining fee-simple Scottsdale Airpark land sites presents a rare opportunity for new development and the ability to capture users seeking large blocks of space in north Scottsdale,” said CBRE’s Gabel.The property is easily accessible from the Loop 101 Freeway, via a full-diamond interchange with Raintree Drive. The area is also a leading retail destination with proximity to Kierland Commons, Scottsdale Quarter and Scottsdale Promenade and features access to world-class resorts including the Westin Kierland, the Fairmont Scottsdale Princess and the JW Marriott Desert Ridge. Furthermore, Scottsdale Municipal Airport, one of the busiest single-runaway facilities in the nation, with over 168,000 take offs and landings per year, is located approximately five minutes away from the property.
The Group paid cash consideration of USD279 million on completion and an additional consideration of up to USD40 million will be paid in 2021 on the condition that certain performance targets are met.Jean Cahuzac, ceo, said: “Our investment to acquire the remaining shares in Seaway Heavy Lifting, such that it becomes a wholly-owned subsidiary of our Group, is aligned with our strategy to grow and strengthen our business for the long-term. Consolidating Seaway Heavy Lifting in to the Group increases our participation in renewables, heavy lifting and decommissioning services. These are areas where we expect market activity to increase and see potential to grow our market share.” The Group will report revenues and net operating income from Seaway Heavy Lifting within a new business unit – Renewables and Heavy Lifting. According Subsea 7, the new reporting structure will be reflected within the Group’s first quarter results, which will be announced on 27 April 2017. Seaway Heavy Lifting’s Stanislav Yudinwww.subsea7.comwww.seawayheavylifting.com.cy