Phoenix – Aug. 23, 2013 – CBRE has completed the sale of Kierland One, a 175,441-square-foot, Class A office building located in the prestigious Scottsdale Airpark Submarket.
Barry Gabel, Mindy Korth and Chris Marchildon of CBRE’s Phoenix office represented the seller, Cornerstone Real Estate Advisers LLC, acting on behalf of an institutional investor. The buyer, Hines, the international real estate firm, along with joint venture equity partner Pacific Coast Capital Partners (PCCP), was self-represented. The building was vacant at time of sale.
“We received a great deal of interest from both local and national investors looking for a Class A office property in a one-of-a-kind, Scottsdale location. With 40 property tours and more than 25 offers, Kierland One is a testament to the recovering investment market in metro Phoenix,” said Gabel.
“Kierland One is a property that we have admired for several years. We pursued it aggressively when the opportunity to purchase the asset became available,” said Chris Anderson, Hines managing director and head of the firm’s Arizona office. “Kierland One is a great addition to our portfolio of Class A office properties in Phoenix and is well positioned for the market recovery.”
Built in 1999, Kierland One is located in the second largest employment corridor in Arizona. The four-story, Class A office property, located at 16430 N. Scottsdale Road, is surrounded by first-class amenities, high-executive housing and the Loop 101 Freeway. Institutionally owned since its inception, the property has been maintained to the highest industry standards. With 11 acres and a parking ratio of over five spaces per 1000 square feet, the asset is well positioned to attract multiple tenants.
Cornerstone Real Estate Advisers LLC (“Cornerstone”), with subsidiary and affiliate offices in the U.S., UK, Europe and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. More information is at www.cornerstoneadvisers.com.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,273 properties representing more than 514 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 406 properties totaling 148.5 million square feet, which includes 78.3 million square feet for third parties. With offices in 113 cities in 18 countries, and controlled assets valued at approximately $24.3 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.