CBRE has completed the sale of Corporate Center @ Kierland, a multi-tenant, Class-A office development in the Scottsdale Airpark submarket of metropolitan Phoenix. The ±107,846-square-foot, two-story office building was 88 percent leased at time of sale.
A team of brokers including Barry Gabel, Chris Marchildon, Kevin Shannon, Glenn Smigiel and Bob Young represented the institutional seller. The buyer was Arcadia Sky, LLC of Arizona, and was represented by Trent Rustan and Josh Gosnell with Commercial Properties, Inc. The buyer acquired the property as part of a 1031-exchange.
“Corporate Center @ Kierland is ideally located in the Scottsdale Airpark Submarket; a location that historically has outperformed the metro Phoenix market in net absorption of office space,” said CBRE’s Gabel. “Given the historical strength of the submarket, Corporate Center @ Kierland offers the buyer the opportunity for significant upside through the lease up of the remaining vacancy and rental appreciation.”
Corporate Center @ Kierland was 88 percent leased at time of sale and features a tenant roster of eight professional service tenants, including American Express Global Business Travel and Berkshire Hathaway Home Services, among others. The building features a generous parking ratio of ±4.5 per 1000 with ample covered spaces and suites that can accommodate requirements ranging from ±1,717 to ±56,608 square feet. The property benefits from a premier location with walkable area amenities at both Kierland Commons and Scottsdale Quarter.