Greg Galusha, managing director of Pacific Coast Capital Partners, says the class A acquisition also includes entitlements for an additional 70,000 sf of office development. But, he adds, there is no immediate plan to build out the 6.8-acre site at 14635 N. Kierland Blvd.
El Segundo, CA-based Pacific Coast Capital, which provided the bulk of the $8.6 million in equity financing for the acquisition, is the JV's majority partner. The Phoenix-based Hibernia Capital Advisors will serve as the operating partner. "We were looking for experienced guys on the ground," Galusha tells GlobeSt.com.
The five-year-old building is 90% leased to national and regional tenants like Piper Pizza and McKesson Consulting. First National Bank recently gave back 10,000 sf. Galusha says the immediate plan is to fill up the vacant space. "We believe that the building represents the best value alternative in the marketplace," he says. "From a tenant's perspective, it's cheaper than its neighbors." The space is quoted at $26 per sf, full-service.
For Pacific Coast Capital, Ryan Kierland Corporate Center is its office acquisition in the Valley. "We love the location. It's a very strong and well-leased marketplace," Galusha says. "We love Phoenix and the surrounding area because it's on the rebound. It's growing and there's great job growth." The building is within walking distance of Kierland Commons, several class A office buildings and the new Westin Kierland hotel.
Tom Boyle of Phoenix-based Lee & Associates Arizona Inc. will handle leasing. The local office for Houston-headquartered Transwestern Commercial Services Inc. will continue to provide management services.
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