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September 23, 2023
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Edgewood Real Estate Investment Trust Pays $85 Mil for Office Properties in Scottsdale, AZ


North Dakota-based Edgewood Real Estate Investment Trust acquired two office properties in Scottsdale, AZ totaling 269k sf for $85 mil ($316/sf). The properties were sold by Wentworth Property Company and Northwood Investors.

Developed in 2008 and 2009, Terra Verde I and Tower at Scottsdale Landing are located at 16767 N Perimeter Dr and 8660 E Hartford Dr. The two Class A trophy quality properties are 92% leased, offering the buyer a consistent income stream from a five-year weighted average lease term. The buildings are leased to a diverse and credit worthy roster such as Pulte Homes, BOK Financial, Annexus Management, Sagicor Life Insurance, and Pulice Construction among others.

These best-in-class, multi-tenant office buildings offer recent capital improvements, high-end tenant finishes, garage parking, building signage, and prominently visible Loop 101 Fwy exposure. Both buildings are located within the 260-acre, master planned, Perimeter Center Business Park, a business park that historically has achieved in excess of 90% occupancy during its tenure.

CBRE’s Barry Gabel and Chris Marchildon represented the sellers in the transaction. According to Marchildon, the buildings offer strong credit worthiness, consistent and reliable cash flow, and are centrally located in the Scottsdale Airpark.

“Despite current capital markets and economic volatility across the U.S., best-in-class, strategically located office buildings, that are well leased to a roster of credit worthy tenants, are in high demand among investors,” said Gabel.

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