Parallel Capital Partners Archives

Arizona Center names residential developer

by in AZRE Magazine

Arizona Center, Phoenix’s original downtown entertainment destination located at 3rd St. and Van Buren, will add a planned 31-story residential tower on the southeast corner of Arizona Center at 5th St. & Van Buren. The 39,970-square foot parcel is under contract to purchase by Florida-based North American Development Group (NADG) for an undisclosed amount. “The… Read More →

Arizona Center begins $25 million makeover

Arizona Center
by in AZRE Magazine | Construction

Downtown Phoenix continues to change, as the $25 million renovations for the one million-square-foot Arizona Center ceremoniously began Tuesday. First step for @theazcenter‘s $12m facelift: Hammer time! Stay tuned for a more modern, connected & open look for key #Dtphx retail hub. — Greg Stanton (@MayorStanton) March 14, 2017 The retail and entertainment destination… Read More →

Parallel acquires Class A Scottsdale office complex for $20M

by in AZRE Magazine | Office

Adding to its growing Arizona portfolio, San Diego-based Parallel Capital Partners acquired Kierland Corporate Center – a Class A office complex at 7033 E. Greenway Pkwy. in Scottsdale – for $20 million. Cushman & Wakefield represented the seller and JLL represented Parallel in the deal. Spanning 78,273 square feet on 3.4 acres, the property – acquired from Bataa/Kierland II, LLC –… Read More →

Arizona Center will get a $25 million makeover

Arizona Center
by in AZRE Magazine | Retail

Arizona Center, Phoenix’s original downtown entertainment destination located at Third and Van Buren Streets, will undergo a significant transformation beginning early 2017. Acquired by Parallel Capital Partners and Angelo, Gordon & Co. in December 2015, the new Arizona Center will embark on a $25 million makeover in 2017. “The Arizona Center refresh will create a new model for… Read More →

Arizona Center sells for $126 million

by in AZRE Magazine | New to Market | Office | Retail

Continuing to expand its downtown Phoenix presence, San Diego-based Parallel Capital Partners, in joint-venture with Angelo, Gordon and Co., announced today it has acquired Arizona Center – a Class A, 16-acre mixed-use campus in downtown Phoenix – for $126 million. Spanning over one million square feet, the Van Buren Street property – acquired from Equity… Read More →

Renovated US Bank Tower leases 100KSF to tenant

by in AZRE Magazine | Brokerage | Featured

Following a nearly $3 million renovation of the landmark US Bank Center in downtown Phoenix, Parallel Capital Partners has renegotiated nearly 100,000 square feet and more than $25 million in total lease consideration with existing tenants Valley Metro Rail Inc. (57,074 square feet renewed to 2026); Xerox (31,861 square feet renewed to 2020); and Jacobs… Read More →