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6/04/20
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San Diego-based Cush Enterprises closed on an AZ office buy, picking up Perimeter Parkview Corporate Center, a 105k sf, Class A asset in north Scottsdale. The building, located at 8377 East Hartford Dr, traded for approximately $30 mil, or roughly $286 per square foot.
Perimeter Parkview Corporate Center was sold by The Roxborough Group, which had originally acquired the building and an adjoining 2.9-acre pad site in September 2017. Roxborough then sold off the 2.9-acre pad to a local developer for a build-to-suit development.
Roxborough purchased the building with expectations it would need to backfill the second floor, assuming the existing tenant would likely vacate the following year after paying a termination fee. Within a year of the ink drying on that acquisition, Roxborough secured corporate HQ tenant P.F. Chang’s China Bistro through a 53.6k sf lease that commenced in November 2018.
The two-story, institutional-quality suburban office building is prominently located in the prestigious North Scottsdale office submarket within the Perimeter Center node and is surrounded by numerous corporate headquarter tenants, including within the building. Three nationally recognized tenants comprise 90% of the occupied area of Perimeter Parkview Corporate Center and offer a defensive and appreciating cash flow featuring multiple leases that boast nine years of average remaining lease term. The building was completed in 2006 and features a subterranean garage with direct tenant access.
Chris Toci, Chad Littell, Tim Whittemore, Greg Mayer, and Patrick Schrimscher of Cushman and Wakefield’s Phoenix office represented the seller in the transaction.
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