JV Plunks Down $122M for AZ Office Portfolio

Phoenix-based Wentworth Property Co. LLC has teamed with Northwood Investors of New York City to acquire a five-building, 638,717-square-foot office portfolio in and around the 260-acre Scottsdale Perimeter Center. Seller Desert Troon Cos. of Scottsdale ended up receiving $122 million through five separate transactions.

The deal included four of the five Perimeter Gateway office properties, as well as an additional office building known as Terra Verde. Perimeter Center is west of the 101 Loop and on both sides of Bell Road.

Financing was provided by Western Alliance Bank. The buyer was represented by Jeff Wentworth, Chris Walker, Mike Beall and Sean Spellman of Cushman & Wakefield’s Phoenix office.