Cushman & Wakefield sells Kierland Corporate Center I for $37.75M
Cushman & Wakefield announced the firm has advised Starwood Property Trust in the disposition sale of Kierland Corporate Center I, a Class A office building totaling 109,811 square feet in four stories located in north Scottsdale, Arizona. Kidder Mathews’ Senior Vice President Erik Marsh represented the buyer, YMC Company.
Approximately 93% leased at the time of sale, the property was acquired by Yonezawa-Miller Company, LLC for $37.75 million or $344 per square foot.
Cushman & Wakefield’s Private Capital Group brokers Eric Wichterman and Mike Coover, and Capital Markets Group brokers Steve Lindley and Alexandra Loye represented the seller in the transaction. Brad Anderson and Mike Strittmatter, also with Cushman & Wakefield, provided leasing advisory during the sale process, as well as leasing services for the seller leading up to the sale.
“Kierland Corporate Center I is a premier Class A building well positioned in the heart of the Kierland/Scottsdale Quarter urban infill hub,” said Eric Wichterman, Executive Managing Director. “Despite the pandemic, the property achieved remarkable office leasing success in 2020/2021, with nine deals either signed or pending during that period, representing nearly 70% of its net leasable area, and demonstrating the building’s strong market appeal.”
Located at 7047 E Greenway Parkway and built in 2000, Kierland Corporate Center I is situated on ±2.57 acres and served by a subterranean parking garage. The property offers tenant and visitors an exceptional walkable environment with near-immediate access to the Scottsdale Quarter and Kierland Commons, two of the premier outdoor lifestyle shopping centers in the Southwest.
“North Scottsdale’s urban hub is a true ‘live-work-play’ environment combining substantial retail, residential, hospitality and office space. A limited and diminishing supply of office due to multifamily redevelopment, coupled with strong demand for space in this unique half-mile walkable environment, has set the stage for tremendous near term rent growth and long-term stability for Kierland Corporate Center I,” added Mike Coover, Managing Director.