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5/08/24
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Vertical Ventures has acquired Northsight Corporate Center, a 136.7k sf, Class A single-tenant office building in Scottsdale, AZ. The freestanding three-story property is 100% leased to one of the world's largest investment management companies.
The purchase was funded with $34 mil in acquisition financing, consisting of a $25 mil loan and $9 mil of preferred equity. Kristian Brown with Cushman & Wakefield’s Equity, Debt & Structured Finance Group arranged the funding.
Located at 14400 N 87th St in the master-planned Northsight Business Park, the Northsight Corporate Center is an Energy Star rated building that was originally constructed in 2004. The property features large, flexible floor plates of approximately 45k sf, a high 5/1000 parking ratio and including covered parking, electronic vehicle charging station, and access to an on-site restaurant located adjacent to the building.
The property also features immediate access to Loop 101 and is positioned within minutes of an abundance of retail, shopping and dining amenities, multiple premier golf courses, lodging and resorts, plus other desired amenities conveniently nearby.
According to Hamid Rezapour, Founder of Vertical Ventures, the company is on the path to raise a $200 mil, fully discretionary fund to acquire similar type assets in major markets around the country. The company prefers high quality, Class A assets with strong financial profiles that are ideally leased to single-tenant credit worthy tenants with a weighted average of eight-plus years of lease term, and located in major U.S. markets having positive demographic growth.
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