PHOENIX-As part of a plan to invest more than $100 million in Phoenix-area property over the next year, Buchanan Street Partners has purchased a 66,800-square-foot office/flex building at 8388 E. Hartford Dr. in Scottsdale from H-B Perimeter LLC for a price undisclosed to GlobeSt.com. The acquisition comes as the Scottsdale Airpark submarket shows steady signs of improvement, including sustained positive absorption and a vacancy rate for office/flex space that has dipped below 10%.
“This investment presents the opportunity to acquire an institutional-grade asset at an attractive basis in a submarket with improving fundamentals,” said Tim Ballard, president of Buchanan Street Partners, in a prepared statement.
The firm has set aside significant funds for new tenant finishes and leasing costs and will upgrade the parking surface and landscaping. Ideally suited for single user, the building can easily accommodate two tenants and is designed to meet the needs of a wide range of tenants or users.
The property, constructed in 2000, was primarily vacant at the time of sale. It is located convenient to lifestyle shopping and dining at City North, Kierland Commons and Scottsdale Quarter, and access to the Loop 101 Freeway at Bell Rd. is nearby.
Buchanan Street has grown its Phoenix portfolio to 800,000 square feet of office and industrial properties with this acquisition and plans to invest more. The firm has been an active buyer over the past year, having made eight new investments on behalf of its institutional and private client base.
As GlobeSt. previously reported, in September the firm entered into a joint venture with Lowe Enterprises to acquire Parkridge 4, a 192,800-square-foot, six-story, class-A office building here from Denver-based Miller Global Properties LLC for what industry sources said at the time was $34 million. Built in 2001 and located at 10375 Park Meadows Dr., Parkridge was 93% leased at the time of sale by high-credit companies such as CNA Insurance, Merrill Lynch, UBS, Nestle, Ameriprise and the Department of Defense.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
