Commercial Real EstateDealsRecent Deals

CBRE Completes Sale of Kierland Fairways Office Plaza in North Scottsdale for $8.2 Million

Kierland Fairways

Kierland Fairways

CBRE has completed the sale of Kierland Fairways Office Plaza located at 14614 N. Kierland Blvd. in North Scottsdale, Ariz. The 55,268-square-foot office building commanded a sale price of $8.2 million.

Luke Walker, Dave Carder and Eric Schultz of CBRE’s Phoenix office negotiated the sale. The seller was Abart Properties of Scottsdale, Ariz. The buyer was an affiliate of Montana Avenue Capital (MAC) of Santa Monica, Calif. Abart will continue to oversee day-to-day management of the property. Walker and Carder will continue to oversee marketing and leasing for the property.

“In 2013 the metro Phoenix office market recorded 1.7 million square feet of positive net absorption and we witnessed average asking lease rates increase for the third consecutive quarter. These improving market conditions have placed the asset in an excellent position to lease the remaining vacant space,” said CBRE’s Walker.

MAC is planning an extensive renovation of the building’s entryway and common areas, as well as the demolition of the existing interior offices in the top floor of the south wing.

Originally developed in 1998, Kierland Fairways has extensive golf course frontage on the #2 hole of the Mesquite Golf Course at Kierland Golf Club as well as views of the McDowell Mountains. The property also features a championship putting green on-site for tenant use. Kierland Fairways benefits from proximity to the Squaw Peak (51) and Pima Loop (101) freeways. 34 percent leased at time of sale, the building currently has 38,221 square feet of vacant available space with ±24,000 square feet of contiguous space in the south wing. 

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Commercial Real EstateRecent Deals

CBRE Completes Sale of Kierland One in Scottsdale

Kierland One

Kierland One

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.

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