CBRE has completed the sale of Kierland One, a 175,441-square-foot, Class A office building located in the prestigious Scottsdale Airpark Submarket.
Barry Gabel, Mindy Korth and Chris Marchildon of CBRE’s Phoenix office represented the seller, Cornerstone Real Estate Advisers LLC, acting on behalf of an institutional investor. The buyer, Hines, the international real estate firm, along with joint venture equity partner Pacific Coast Capital Partners (PCCP), was self-represented. The building was vacant at time of sale.
“We received a great deal of interest from both local and national investors looking for a Class A office property in a one-of-a-kind, Scottsdale location. With 40 property tours and more than 25 offers, Kierland One is a testament to the recovering investment market in metro Phoenix,” said Gabel.
“Kierland One is a property that we have admired for several years. We pursued it aggressively when the opportunity to purchase the asset became available,” said Chris Anderson, Hines managing director and head of the firm’s Arizona office. “Kierland One is a great addition to our portfolio of Class A office properties in Phoenix and is well positioned for the market recovery.”
Built in 1999, Kierland One is located in the second largest employment corridor in Arizona. The four-story, Class A office property, located at 16430 N. Scottsdale Road, is surrounded by first-class amenities, high-executive housing and the Loop 101 Freeway. Institutionally owned since its inception, the property has been maintained to the highest industry standards. With 11 acres and a parking ratio of over five spaces per 1000 square feet, the asset is well positioned to attract multiple tenants.