Scottsdale Trophy Office Complex Acquired by Cardone Capital

One of Scottsdale’s most recognizable office complexes, The Promenade Corporate Center has been picked up by Cardone Capital out of Florida. The seller was LPC Desert West, a Lincoln Company and Goldman Sachs. They paid $65 million for it in 2015.

Cardone Capital used capital from its latest investment fund, Cardone Equity Fund 21, to purchase the complex. Cardone plans to commit $15 million on a targeted value-add program. Steve Cardone is bullish on the acquisition, “This fund acquired a trophy asset with a AAA location and a high-quality income stream at a price that was not available earlier this year. We believe the property offers cash flow upside and appreciation to our investors.” Promenade Corporate Center will be rebranded under the Cardone name and the company will establish a second headquarters at the property.

The asset boasts roughly 256,308 rentable square feet of multi-tenanted office space surrounded by over 370 high-end retail stores and restaurants within a one-mile radius.