Wentworth Property Company, LLC and Northwood Investors recently purchased five Scottsdale office properties for $122 million from Scottsdale-based Desert Troon Companies.
Cushman & Wakefield negotiated the deal for the properties acquired in North Scottsdale’s Perimeter Center, totaling 638,717 sq. feet, according to a press release that said the acquisition makes WPC among the largest owners of office space in that area.
“This was an exceptional opportunity for WPC and Northwood to purchase a portfolio of existing, Class A office buildings in North Scottsdale,” according to Cushman & Wakefield Vice President Chris Wakefield Walker.
He, Cushman & Wakefield Executive Managing Director Jeff Wentworth, executive managing director, Mike Beall, and senior vice president, Sean Spellman, represented the buyers.
The property includes Perimeter Gateway I, II, III and V, and Terra Verde. Perimeter Gateway I is a 228,147-square-foot, two-story office building located at 8667-8701 E. Hartford Drive.
“This portfolio offered optimal location, so with our plans to remodel common areas, add amenities and build-out spec suites we are confident that the available space in the buildings will attract considerable interest from new tenants and successfully lease up,” Jim Wentworth Jr., principal with WPC, said in a prepared statement.
WPC plans to start the renovations and construction of the spec suites immediately. Construction of two new parking garages is expected to have an estimated completion in 2017.
The Cushman & Wakefield team was also retained for the leasing agents for all five buildings. For additional information, call 602-954-9000.
The Scottsdale Independent is available for free every Wednesday.