Vertical Ventures Acquires Scottsdale Office Building

Cushman & Wakefield assisted Northern California-based Vertical Ventures in securing $34 million in acquisition financing for its purchase of the Northsight Corporate Center, a Class A single-tenant office building totaling 136,682 square feet in Scottsdale, Arizona. CIM Group was the seller. The freestanding three-story property is 100% leased to Vanguard.

Senior Associate Kristian Brown with Cushman & Wakefield’s Equity, Debt & Structured Finance Group in Phoenix represented the borrower in the transaction, which consisted of a $25 million loan and $9 million of preferred equity.

The Northsight Corporate Center, originally constructed in 2004, is located at 14400 N 87th St in the master-planned Northsight Business Park. The Class A property features large, flexible floor plates of approximately ±45,000 square feet, a high 5/1000 parking ratio, covered parking, an electronic vehicle charging station, and access to an on-site restaurant adjacent to the building.