Ascentris acquires Kierland Corporate Center II for $25 million

Kierland Corporate Center II is at 7033 E. Greenway Parkway in Scottsdale. (Submitted photo)

Ascentris, a Denver-based real estate private equity firm, on behalf of one of its public retirement-system clients, announced Nov. 7 the purchase of Kierland Corporate Center II.

The three-story, 82,000-square-foot Class A multi-tenant office is at 7033 E. Greenway Parkway in Scottsdale. It was sold by PCPI Kierland II LLC and Parallel Capital Partners for $25 million, according to a release.

Kierland Corporate Center II, constructed in 2009, is 93 percent leased to tenants including STMicroelectronics, Eide Bailly, and Sherman and Howard, according to the release.

Ascentris’ business plan calls for completing key tenant-facing capital improvement improvements, building out speculative leasing suites, completing modest improvements to the parking garage and owning the property long-term, according to the release.

“We are currently targeting high-quality office buildings in certain suburban submarkets across the United States; Kierland Corporate Center II is a great example of what we find attractive in this strategy,” Ascentris Vice President Jeff Higgins, who led the acquisition for Ascentris, said in the release.

“We have substantial holdings in Kierland at the moment and we are very excited to expand our presence there through a property of this caliber and in such a strong location,” Mr. Higgins said.

Eric Wichterman and Mike Coover of Cushman and Wakefield Phoenix brokered both sides of the deal. Colton Trauter and Bill Blake from Lee and Associates will lease the property for Ascentris, and Arcadia will provide property management services, according to the release.

For more information on Ascentris, go to ascentris.com.

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