The Kierland Corporate Center I in Scottsdale, Arizona, has sold for $37.75 million. Kidder Mathews Senior Vice President Erik Marsh represented the buyer, YMC Company, LLC, in purchasing the property from Starwood Property Trust, Inc. The +/- 109,811-square-foot Class A office building is located at 7047 East Greenway Parkway.
The center is surrounded by amenities, including Kierland Commons and the Scottsdale Quarter, new multifamily, Westin Kierland Resort, and the AC Hotel. The average vacancy continues to decrease in this submarket at 10%, beating the overall Phoenix MSA office vacancy of approximately 18%.
“This speaks to the high demand for office space in this submarket,” said Marsh. “Office fundamentals in the Phoenix market are strong with the removal of COVID-19 restrictions. Tenants are comfortable committing to longer leases again, making office properties an attractive investment. The Kierland office submarket is outperforming the overall Phoenix MSA with lower vacancy and increased rent growth.”
“This acquisition represents the fourth transaction that we have completed with Kidder Mathews in the past 15 months, and we are actively looking for similar assets in the valley,” said Craig Yonezawa, YMC President.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $8 billion in transactions, manages 64 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.