Scottsdale Asset Snagged by Denver Investor
Denver-based Ascentris acquired Kierland Corporate Center II in Scottsdale, AZ, for $25 million on behalf of one of its public retirement system clients. The three-story, 82,000-square-foot Class A multi-tenant office property was sold by PCPI Kierland II LLC and Parallel Capital Partners.
The property was constructed in 2009, and is currently 93% leased to major tenants including STMicroelectronics, Eide Bailly, and Sherman & Howard. The building features modern architecture, efficient floor plates, a two-story lobby and 290 parking stalls.
Ascentris’ Jeff Higgins says, “We are currently targeting high-quality office buildings in certain suburban submarkets across the United States; Kierland Corporate Center II is a great example of what we find attractive in this strategy.”
Cushman & Wakefield’s Eric Wichterman and Mike Coover brokered both sides of the deal.
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