SCD Norterra Has Long-Term Bullish View on Phoenix

A suburban office building in north Phoenix totaling 144,800 square feet known as Norterra West Two recently sold to SCD Norterra II LLC. The purchase price was undisclosed.

Chris Toci and Chad Littell of Cushman & Wakefield represented the seller, USAA Real Estate of San Antonio, and Tempe-based joint venture development partner Metro Commercial Properties Inc.

The buyer, SCD Norterra II, is an entity controlled by Silver Creek Development (SCD), a Phoenix-based real estate development and investment company that has been an active national investor. SCD was represented in the transaction by Silver Creek’s Charles Essig.

“We are long-term bullish on metropolitan Phoenix and have taken a contrarian view of office investing throughout COVID,” says Essig. “Nearby this location, Taiwan Semiconductor Manufacturing Company’s 1,100-acre semiconductor foundry will be the world’s most advanced chip foundry and at SCD, we believe its delivery in 2024 will be game-changing for North Phoenix.”

Located at 25800 North Norterra Pkwy., the three-story suburban office building is along the I-17 Black Canyon Freeway in north Phoenix within the master-planned community of Norterra. Norterra West Two serves as one of three regional delivery centers for the tenant servicing segments of the healthcare, financial services, and communication, media and tech industries.

“The greatest compliment a client can give a brokerage team is a repeat business opportunity and Chad and I are humbled to have represented USAA Real Estate and Metro Commercial Properties for a second time. We were fortunate in August 2018 to have been given the mandate to sell the adjoining twin office building, Norterra West One, which was acquired by an investment fund managed by JDM Partners,” said Toci.