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December 18, 2018
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AZ Office Complex Acquired for $25 Mil by Ascentris

12/05/18

Kierland Corporate Center, an 81.9k sf, Class A office complex in Scottsdale, AZ, traded hands in a recent $25 mil ($305/sf) transaction. The buyer was Ascentris, a Denver-based real estate private equity firm. It was sold by Parallel Capital Partners Inc, out of San Diego.

Kierland Corporate Center is located at 7033 E Greenway Pkwy, within the 730-acre Kierland master-planned community that includes the mixed-use development Kierland Commons. The property was 93% leased at the time of the sale. Tenants include STMicroelectronics Inc, Eide Bailly, Stifel, Nicolaus & Company and Sherman & Howard.

Spanning more than three acres, the property was built in 2009 and is comprised of a three-story glass and concrete office complex with modern architectural detail and onsite parking. Since its purchase in 2016 from Bataa/Kierland II, LLC, Parallel has made improvements to the property totaling more than $1.7 mil, including upgrades to public areas, roofing and parking garages.

“It’s clear there is still a healthy demand for buildings of this caliber in this area. It is often considered one of the best addresses in metro Phoenix and home to six Fortune 500 companies,” said Matt Root, CEO of Parallel Capital Partners. “Along with robust tenant demand, the area is in close proximity to a great selection of housing, dining, retail, resorts and entertainment,” he said. “It is also within walking distance to the 756-room Westin Kierland Resort & Spa, with a 27-hole championship golf course.”

Eric Wichterman and Mike Coover of Cushman & Wakefield Phoenix brokered both sides of the sale.




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