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3/13/15
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Lincoln Property Company continues to be one of the most active office property owner/developers in Arizona. In this latest news, the company has teamed up with Goldman Sachs in the purchase of Promenade Corporate Center, a two-building, 256.2k sf project within the prestigious North Scottsdale/Kierland submarket.
Promenade Corporate Center is located at 6427 and 16435 N. Scottsdale Rd, just off Hwy 101. It sits at the center of the Scottsdale Promenade, a 730k sf, mixed-use retail project. In all, the office and retail portions of the project total approximately 1 msf on 84 acres.
Promenade Corporate Center is currently 80 percent occupied by such tenants as Fitch Inc and Healthcare Trust of America to Meridian Bank and Regus Corporation. Nearby retail and restaurant amenities include Nordstrom Rack, Lowe’s, Trader Joe’s, PetSmart, Jos A. Bank, Pier 1 Imports and Ulta, as well as Capital Grille, Benihana, Cantina Laredo, Habit Burger Grill and In-N-Out.
The new owners plan to spend up to $1 mil renovating the four-story structures. Some of the improvements include lobby renovations, common corridor painting and landscape work.
DTZ’s Rick Reeder and Brad Tecca, from the San Diego office, and Jeff Wentworth and Sean Spellman, from the Phoenix office, represented the seller, Excel Trust Inc a retail-focused real estate investment trust. Excel remains the owner of the surrounding Scottsdale Promenade retail project.
DTZ’s Wentworth and Spellman will retain the Promenade Corporate Center marketing and office leasing assignment. Lincoln Property Director of Management Services Alisa Timm will direct the property management strategy, adding to the more than 7 msf already managed by LPC across the Desert West Region.
Promenade is the latest asset to join LPC’s track record of successful Class A office repositioning efforts. In February, the company, along with a fund managed by Oaktree Capital Management, L.P. (Oaktree), sold Camelback Square to Dallas-based Velocis for $42.3 mil.
LPC and Oaktree purchased the Class A, 174.9k sf Camelback Square out of special servicing in June 2011. They next initiated a major renovation and leasing plan, capitalizing on a prime location in Old Town Scottsdale to improve the building from 50 percent occupied to more than 95 percent occupied with tenants including Mastro’s City Hall Steakhouse, ZocDoc, Regus, Ashton Woods, Echo Global Logistics and Digital Airstrike.
In addition, as reported on RENTV just a few days ago, Lincoln Property was awarded the right to develop up to 1.8 msf of office space for The Grand at Papago Park Center, situated within the 350-acre, Papago Park Center in downtown Tempe.
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