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JV Antes Up $49M for 440,653-SF Phoenix Corporate Center

PHOENIX-ScanlanKemperBard Cos. and the Praedium Group scoop up their second JV purchase in the region, getting a 78%-leased, eight-building office complex for a value-add play. The JV intends to spend another $2 million on renovations.

By Amy Wolff Sorter | Updated on September 04, 2005

PHOENIX-Portland, OR-based ScanlanKemperBard Cos., in a joint venture with the Praedium Group, has closed on its second transaction in Phoenix: the 440,653-sf Phoenix Corporate Center. The $49.3-million acquisition from Transwestern Investment Services in Chicago includes adjacent excess land.

With the deal done, the JV will spend another $2 million to upgrade the HVAC systems in the eight-building office complex and renovate lobbies. “We’re not tearing anything down, but we will be doing a number of cosmetic upgrades,” says Todd Gooding, who is chief investment officer of SKB. There are no plans, at this point, to either develop or sell the raw land. The 33-acre development sits between West Dunlap and West Peoria avenues.

“We’re focusing, right now, on maximizing the value of each asset,” Gooding explains. “Then we’ll focus on how to proceed.”

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