Adding to its growing Arizona portfolio, San Diego-based Parallel Capital Partners announced today it has acquired Kierland Corporate Center – a Class A office complex at 7033 E. Greenway Parkway in the Scottsdale neighborhood of Phoenix – for $20 million. Cushman and Wakefield represented the seller and John Bonnell and Brett Abramson of JLL represented Parallel in the deal.
Spanning 78,273 square feet on 3.4 acres, the property – acquired from Bataa/Kierland II, LLC – was built in 2009 and is comprised of a three-story glass and concrete office complex with modern architectural detail and onsite parking.
The property is 87 percent leased to a diversified tenant mix with major tenants including STMicroelectronics, Inc., Eide Bailly, Stifel, Nicolaus & Company and Sherman & Howard.
According to Matt Root, CEO of Parallel Capital Partners, the complex was an appealing acquisition for multiple reasons. “The center is situated in an ideal Scottsdale location in the 730-acre Kierland master planned community – considered one of the best addresses in metro Phoenix – with outstanding tenant demand as well as close proximity to a wealth of housing, dining, retail, resorts and entertainment options,” he said. “We are thrilled to expand our presence in the Phoenix area – one of the fastest growing cities in the nation and home to six Fortune 500 companies.”
Root said this latest acquisition reflects his firm’s core mission of acquiring best of class assets in top western markets. “Kierland Corporate Center is ideally located adjacent to Kierland Commons, the Westin Kierland Resort & Spa, Kierland Golf Club, the Scottsdale Quarter and more and also proximate to a high concentration of executive residences, a well-educated workforce, Loop 101 and Scottsdale Airport. We believe the area is poised for continued growth.”
Late last year, Parallel announced the acquisition of the landmark Arizona Center – a Class A, 16-acre mixed-use campus in downtown Phoenix – for $126 million.
Currently Parallel has over 2.3 million square feet of Phoenix office and retail space including One North Central and City Square in Phoenix’s central business district.