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Denali Grabs $33M in Arizona Exit

PHOENIX-Denali National Trust, developer of the popular "insta-suite" office concept, sells the 198,452-sf Paradise Valley Corporate Center to Scottsdale-based International Capital Partners in an off-market deal for a class A property.

By Beverly Ford | Updated on December 04, 2003

PHOENIX-In a move that ended its five-year tenure as an office developer in the state, Denali National Trust has divested of its last remaining holding in Arizona, selling off the Paradise Valley Corporate Center in a $33-million, off-market deal to Scottsdale-based International Capital Partners.

Officials from Denali did not return calls seeking comment on the divesture, but Dennis Desmond, a vice president in Phoenix for Dallas-based Trammell Crow Co., says the sale was the last of seven buildings developed by Denali since it moved into the local market in 1998 with the “insta-suite” concept. The sale of the 198,452-sf, class A office project–built in 2002 on 6.8 acres at the southwest corner of Cactus Road and Paradise Village Parkway in the wealthy local community of Paradise Valley–was among the top five highest priced building sales in Arizona this year and the largest of International Capital Partners’ acquisitions.

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