A former Wells Fargo location office located in the center of what is called Old Town Scottsdale may soon be in line for a facility repurposing.
The two-story building, located at 4167 N. Scottsdale Road, was built in 1984 and is classified as a Class B structure. Measuring just over 16,800 square feet, the building underwent some renovation in 2021.
Wells Fargo closed the bank branch last year, as part of a nationwide shuttering of more than three hundred branches. The 4167 N. Scottsdale Road property was originally, in the 1980s and 90s, the home of the Bank of Scottsdale.
Now the George Oliver Companies of Phoenix, in a joint project with the private equity firm Ascentris, which has offices in Denver, has purchased the structure.
“We continue to see strong tenant demand for thoughtfully designed office space in amenity-rich locations,” Curt Kremer, managing partner with the Oliver Companies, remarked upon the $8 million acquisition of the property.
The exact details regarding the renovation of the building have not yet been disclosed, but according to several sources, it is expected that the offices in the structure will be significantly upgraded.
The actual renovation work is expected to begin sometime next year.
By Garry Boulard
Image Credit: Courtesy of LoopNet