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1/13/12
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Westport Capital Partners LLC has purchased a 150k sf office building known as Scottsdale Financial Center II in Scottsdale, Arizona. The acquisition is on the heels of a prior acquisition of a 124k sf flex/industrial park located in Deer Valley, AZ known as Pinnacle Peak Business Park.
Located at 4141 N. Scottsdale Rd, Scottsdale Financial Center II is a Class A, three-story suburban office building offering both covered and subterranean parking. It is situated within the south Scottsdale market of Old Town, at the intersection of Scottsdale Rd and Indian School Rd, the property has access to nearby amenities such as art galleries, specialty retail, cultural attractions and extensive dining choices. Hotels within walking distance include the Scottsdale Marriott, The Hyatt Place Scottsdale, Hilton Inn and The Valley Ho.
Currently, the property is 71 percent leased to Coventry Health Care, a diversified national managed healthcare company that serves more than 5 million members in 50 states. Terms of the acquisition were not disclosed.
Jim Sadler, Dennis Desmond and Brian Ackerman of Jones Lang LaSalle represented the seller in the acquisition, and Jim Sadler, Pat Williams and Harry Klaff, also with Jones Lang LaSalle, represented primary tenant Coventry in the lease transaction.
Pinnacle Peak Business Park is a four-building flex-industrial park located in Deer Valley, just north of Scottsdale, AZ. Deer Valley is home to many Fortune 500 companies, and is one of the most desirable submarkets in the Phoenix Metropolitan area. The property is 70 percent leased and will undergo some immediate upgrades and improvements. Terms of the acquisition were not disclosed.
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