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11/15/16
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San Diego-based Parallel Capital Partners has acquired Kierland Corporate Center, a 78.3k sf, Class A office complex in Scottsdale, for $20 mil, or $255/sf. The property was sold by Bataa/Kierland II LLC.
Bult in 2009, Kierland Corporate Center is situated on 3.4 acres at 7033 E. Greenway Pkwy. The three-story glass and concrete office property boasts modern architectural detail and onsite parking. It is 87 percent leased to a diversified tenant mix with major tenants including STMicroelectronics Inc, Eide Bailly, Stifel, Nicolaus & Company and Sherman & Howard.
Kierland Corporate Center is situated within the 730-acre Kierland master-planned community, considered by many as one of the best addresses in metro Phoenix. It is adjacent to Kierland Commons, the Westin Kierland Resort & Spa, Kierland Golf Club, and the Scottsdale Quarter.
John Bonnell and Brett Abramson of JLL represented Parallel in the deal. The seller was repped by Rick Reeder and Brad Tecca of Cushman & Wakefield.
Late last year, Parallel purchased Arizona Center, a Class A, 16-acre mixed-use campus in downtown Phoenix, for $126 mil. Currently, Parallel has over 2.3 msf of Phoenix office and retail space including One North Central and City Square in Phoenix’s central business district.
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