Tag Archives: Desert Ridge Corporate Center

Desert Ridge-1

Desert Ridge Corporate Center reaches 95% occupancy

Two office leases totalling 47,372 SF were leased at Desert Ridge Corporate Center I and II, 20830-20860 N. Tatum Blvd., in Phoenix. These transactions bring occupancy in both buildings to 95 percent.

Lee & Associates principals Craig Coppola, Bill Blake, Colton Trauter, Andrew Cheney and Associate Gregg Kafka, represented the landlord in both of these transactions.

At Desert Ridge I, Regus leased 12,338 SF and was represented by Kevin Calihan of CBRE. At Desert Ridge II, Republic Services leased an entire fl oor totalling 35,034 SF and was represented by Gary Gregg, Mike Gordon and Eric Walker of Cresa.

The four-story, Class A buildings were constructed in 2005 and 2007 and off ers many top amenities and fi nishes for tenants. Phase I won the prestigious BOMA Outstanding Building of the Year Award.

Desert Ridge Corporate Center is conveniently located across from the popular shopping destination Desert Ridge Marketplace at Tatum Blvd. and the Loop 101. The area off ers a myriad of amenities and excellent access to all parts of the Valley.

Fountainhead Corporate Center, Tempe

Big Deals: Office/Sales, March 2015-April 2015

There’s no such thing as a “small” deal in this industry, coming out of a recession. However, it’s the big deals, and the brokers who make them, that make the market an interesting one to watch.

In every issue, AZRE publishes the top five notable sales and leases that have occurred one month out from publication based on research compiled by DTZ and Colliers International with CoStar.

1. Fountainhead Corporate Center, Tempe
470,172 SF; $71.5M
Buyer: Cypress Office Properties
Seller: Principal Financial Group
Listing BrokerS: Adam Edwards and Justin Long,
Eastdil Secured, LLC

2. Desert Ridge Corporate Center, Phase I and II, Phoenix
275,208 SF; $53,820,033
Buyer: Regent Properties, Inc.
Seller: PKY Fund Phoenix I, LLC
Listing BrokerS: CBRE

3. Kierland II, Tempe
237,875 SF; $49.15M
Buyer: LBA Realty
Seller: The Prudential Security Company
Listing BrokerS: CBRE

4. Fountainhead Corporate Park, Tempe
183,262 SF; $35M
Buyer: Allegis Group, Inc.
Seller: Cypress Office Properties
Listing BrokerS: DTZ

5. 4141 N. Scottsdale Rd., Scottsdale
147,356 SF; $34.5M
Buyer: Palisades Private Capital Fund I
Seller: Westport Capital Partners, LLC
Listing BrokerS: JLL

Desert Ridge Corporate Center, CBRE

Desert Ridge Corporate Center sells for $58.6M

CBRE has completed the sale of Desert Ridge Corporate Center (DRCC) located at 20860, 20830 and 20910 N. Tatum Blvd. in Phoenix. The institutional grade office and retail development is located in the Desert Ridge master-planned community. The asset totals 293,161 square feet and commanded a sale price of $58.6 million. The property was 75 percent leased at time of sale.

Barry Gabel and Chris Marchildon with CBRE’s Phoenix office, along with Kevin Shannon, Ken White and Paul Jones in Los Angeles, negotiated the transaction between the buyer, Los Angeles-based Regent Properties, and the seller, FCA Partners, LLC of Charlotte, N.C.

Despite the fact the property is not fully stabilized, Desert Ridge Corporate Center attracted significant interest from local, regional and national buyers,” said CBRE’s Gabel. “This is definitely a testament to the continued recovery of the Phoenix investment market as well as the resiliency of the Paradise Valley submarket, which continues to perform at the top of the metro Phoenix market.”

Desert Ridge fits perfectly within our strategy of buying value-added office properties across the western United States,” said Eric Fleiss, President of Regent Properties. “We are committed, experienced investors in the Phoenix market specifically, and believe this high-quality asset is a great addition to our portfolio.”

DRCC consists of two class A office buildings (137,983 and 137,225 square feet, respectively) and a 17,953-square-foot, multi-tenant specialty retail building. The property is located on land encumbered by a State of Arizona ground lease with 78 years remaining. Tenants include GEICO Insurance, Vantage Retirement, Wells Fargo Bank, C.H. Robinson Worldwide, K. Hovnanian Homes, Summit Energy, SimonMed Imaging and Scottrade.

Developed in 2007, DRCC benefits from an amenity-rich location in the Paradise Valley submarket. The property is minutes from the 1.2 million-square-foot Desert Ridge Marketplace, two championship golf courses and the 628,000-square-foot High Street mixed-use development. DRCC is also highly accessible at the intersection of the Loop 101 Freeway and State Route 51.

Desert Ridge Corp Center III, AZRE March/April 2010

Office: Desert Ridge Corporate Center, Ph. III


Developer: Ryan Companies US Inc.
Contractor: Ryan Companies US Inc.
Architect: DAVIS
Size: 137,000 SF
Location: NWC Tatum Blvd. & Loop 101 in Phoenix

The $44M office complex is slated to begin construction 4Q10, and will include 4 stories with a 4.5/1000 parking ratio. Completion is scheduled for 4Q11. Brokerage firm is Lee & Associates.

AZRE March/April 2010