Scottsdale Multi-Tenant Office Property Snagged for $17M
Element at Kierland, a multi-tenant office property in Scottsdale, was acquired by Valwood Element, LLC for $17.3 million. The seller was MACP Kierland Fairways, LLC, a subsidiary of Montana Avenue Capital Partners.
Situated within the prestigious Kierland master-planned community of north Scottsdale, the 57,662-square-foot upscale multi-tenant office building was built in 1998 and extensively renovated in 2015. The property fronts along the Westin Kierland Golf Course, and benefits from superb walkable amenities concentrated within two upscale lifestyle shopping centers, Kierland Commons and Scottsdale Quarter. The building features extensive creative-style tenant suites and is 98% leased.
Cushman & Wakefield’s Eric Wichterman and Mike Coover represented both the buyer and seller.
Wichterman says, “The Element at Kierland is an outstanding office building filled with quality tenants in cutting-edge office suites and situated in a top-tier location. The property perfectly suited the buyer’s requirement for a long-term investment.”
For comments, questions or concerns, please contact Dennis Kaiser