Hines/PCCP Venture Acquires Kierland One in Phoenix
Hines, the international real estate firm, announced today that along with joint venture equity partner PCCP, LLC, it has acquired Kierland One, a Class A, 175,441-square-foot office building located in the North Scottsdale Airpark submarket of Phoenix.
Completed in 1999, the four-story building is located at 16430 N. Scottsdale Road across from the Promenade Shops, within the Kierland master-planned development. Situated on 11 acres and surrounded by first-class amenities, executive housing and the Loop 101 Freeway, the property, which is vacant, is well positioned to attract a new generation of tenants.
Hines Managing Director Chris Anderson, said, “We were attracted to Kierland One because of its premium location, the quality of the project, and the continuing Phoenix market recovery. This is a great addition to our portfolio of Class A office properties in Phoenix. The building’s flexible floorplates present a unique opportunity for large tenants.”
“Given the building’s prime location, coupled with the Hines/PCCP sponsorship, we believe we can attract a great lead tenant for the project. We look forward to providing a building that suits the specific needs of a future user,” said Ron Bonneau, vice president with PCCP.
Barry Gabel, executive vice president with CBRE, represented the seller in the transaction. Jeff Hartland, executive vice president with Cassidy Turley, will be overseeing leasing.
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Sacramento and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. PCCP has invested more than $6.5 billion throughout the United States and continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,273 properties representing more than 514 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 406 properties totaling 148.5 million square feet, which includes 78.3 million square feet for third parties. With offices in 113 cities in 18 countries, and controlled assets valued at approximately $24.3 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.