Parallel Sells AZ Office Complex for $25 Million
Online PR News – 04-December-2018 – San Diego, CA – Parallel Capital Partners, Inc., a San Diego-based real estate investment firm, recently announced the sale of Phoenix's Kierland Corporate Center to Ascentris, a Denver-based real estate private equity firm, for $25 million.
The Class A complex, situated at 7033 E Greenway Parkway in Scottsdale in the 730-acre Kierland master planned community that includes the mixed-use development Kierland Commons, was 93% leased at the time of the sale. Tenants include STMicroelectronics, Inc., Eide Bailly, Stifel, Nicolaus & Company and Sherman & Howard.
"It's clear there is still a healthy demand for buildings of this caliber in this area. It is often considered one of the best addresses in metro Phoenix and home to six Fortune 500 companies," said Matt Root, CEO of Parallel Capital Partners. "Along with robust tenant demand, the area is in close proximity to a great selection of housing, dining, retail, resorts and entertainment," he said. "It is also within walking distance to the 756-room Westin Kierland Resort & Spa, with a 27-hole championship golf course."
Spanning 81,894 square feet on more than three acres, the property was built in 2009 and is comprised of a three-story glass and concrete office complex with modern architectural detail and onsite parking. Since its purchase in 2016 from Bataa/Kierland II, LLC, Parallel has made improvements to the property totaling more than $1.7 million, including upgrades to public areas, roofing and parking garages.
Eric Wichterman and Mike Coover of Cushman & Wakefield Phoenix brokered both sides of the sale.
About Parallel Capital Partners, Inc.
Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a private, fully integrated real estate investment and operating company focused on acquiring value-added and core-plus opportunities for its own account in primary and secondary markets west of the Mississippi, including Hawaii.