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10/31/19
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Dallas-based Velocis has purchased Kierland One, a 175.4k sf, Class A office building in Phoenix’ Kierland submarket. The property was sold by a single-purpose entity partnership between Hines and PCCP LLC for an undisclosed price.
The four-story building sits on 11 acres at 16430 N. Scottsdale Rd, across from the Promenade Shops, within the Kierland master-planned development. The surrounding area has attracted many banks and financial organizations and is located near the Scottsdale Quarter, Kierland Commons and the Westin Kierland Resort & Spa.
Kierland One is 90% leased after recently finishing a building refresh that included renovating the lobby and updating the exterior paint. The property is leased to a variety of blue chip companies doing business in Arizona and across the country.
Velocis is a private equity real estate investment firm which pursues medical office, retail and mixed-use properties. Kierland One is now their third investment in the Phoenix area. In 2016, Velocis purchased Park One, a three-building complex in the prestigious Camelback Corridor. In addition, Velocis owned Camelback Square, a three-story Class A office building in the heart of Old Town Scottsdale from 2015 to 2019.
Hines and PCCP acquired Kierland One in 2013. Alliance Bank of Arizona served as Hines’ lender at the time. Hines will continue to serve as the property manager. Barry Gabel, Chris Marchildon and Will Mast from CBRE represented Hines in the sale. Velocis was not represented by a broker. Luke Walker, Brad Anderson and Mike Strittmatter with CBRE represented Hines for the leases.
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