The Terra Verde I and Tower at Scottsdale Landing were bought by Edgewood Real Estate Investment Trust for $85 million. Developed in 2008 and 2009, the two top-tier properties, making up 269,000 square feet, are 92% leased. A diverse group of tenants include Pulte Homes and BOK Financial.

Edgewood’s Danny Hanson believes the properties are rare in todays market, “These properties are irreplaceable in the urban North Scottsdale core; you simply can’t build this type of product in this market today.”

Both buildings offer recent capital improvements. They are located within the 260-acre master-planned Perimeter Center Business Park, a business park that has historically achieved in excess of 90% occupancy during its tenure. The properties are within a mile of the Scottsdale Airport and TPC Scottsdale. CBRE’s Barry Gabel and Chris Marchildon represented the sellers, Wentworth Property Company and Northwood Investors.