PHOENIX—CBRE has negotiated the sale of Kierland II located at 16260 N 71st St. in Scottsdale. The 237,875-square-foot office building commanded a sale price of $49.15 million. The property was approximately 80% leased at time of sale.
Jim Fijan and Will Mast with CBRE's Phoenix office negotiated the transaction. The seller was The Prudential Insurance Company of America. The buyer was Irvine-based LBA Realty, a full service real estate investment and management company.
Fijan tells GlobeSt.com, “The building was originally developed by Prudential in 2001 and they were the single tenant until 2013.
“The sale of Kierland II is a great way to kick off 2015 and this sets the tone for what should be a good year for the office investment market,” adds Fijan. “We expect the office market to very active throughout 2015. The past few quarters have seen steady market improvement and buyers and sellers alike are looking to capitalize on the improved fundamentals the Phoenix office market is demonstrating.”
Developed in 2001, the four-story, class A, multi-tenant office building is currently home to Prudential, Brookfield Relocation Services and 41st Parameter. Located in the heart of North Scottsdale, the property benefits from proximity to world class retail amenities, restaurants and resorts as well as direct access to the Loop 101 Freeway via Scottsdale Road. Tenant's amenities include ample covered parking as well as a new on-site full service restaurant.
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