CBRE announced today the sale of the Mesquite Corporate Center, a Class A 79,537-square-foot multi-tenant office building located at 14646 North Kierland Boulevard in Scottsdale, Arizona, to Waittcorp Real Estate, LLC, for $15.25 million. The building was 96% occupied at the time of the sale.
CBRE’s Barry Gabel, Chris Marchildon and Mindy Korth negotiated the sale on behalf of the seller, Mesquite Partners I LLC, an entity of DPC Development Company based in Englewood, Colorado. The buyer, Waittcorp Real Estate, LLC, an investment company based in Omaha, Nebraska, was self-represented.
“The sale of Mesquite Corporate Center was the second office property acquisition in the Scottsdale Airpark submarket for Waittcorp in the last year,” says Gabel. “This particular property is one of five buildings that has golf course frontage and is surrounded by first-class amenities in the Kierland area—truly a great work-live-play atmosphere which helps with employee and tenant retention.”
Built in 1999, the Mesquite Corporate Center is a two-story office building with generous golf course frontage on one of three nine-hole golf courses at the Kierland Golf Club, part of the Westin Kierland Resort & Spa. Located in the Kierland area of North Scottsdale, it is surrounded by first-class amenities, high-end executive housing and the Loop 101 Freeway.
“We are pleased to expand our presence in Scottsdale, Arizona with the addition of Mesquite Corporate Center, which is an excellent office property in a dynamic and vibrant sub-market,” says Dana Bradford, CEO of the Waitt Company.
An award-winning asset, Mesquite Corporate Center won the BOMA TOBY (Building of the Year) award for office buildings under 100,000 square feet in 2010, 2011 and 2012, and was awarded the Energy Star rating in 2012 for its operating efficiency.
“This asset was a pleasure to own, and we took a great deal of pride in its presentation and place in the market,” says Christopher King, President of DPC Development Company. “When we purchased Mesquite in 2009, directly during the heart of the economic downturn, we didn’t know what the future held. We believed that an asset of this quality would lead a turnaround, and that is in fact what happened. We are pleased to be part a strong and desirable market.”