SCOTTSDALE, AZ-Less than two years into its reign, Miller Global Properties LLC has sold the 152,473-sf North Scottsdale Corporate Center to AEW Capital Management LP for its client, the State of Connecticut Retirement System. The Denver-based seller has collected $53 million for the class A office building.

According to James B. Fijan, executive vice president in Phoenix for CB Richard Ellis, Miller Global had acquired the building at 18500 N. Allied Way in early 2006, paying $28 million while it was still under construction. When construction was completed in April 2006, Miller Global immediately signed a 15-year lease with Phoenix-based Allied Waste Industries Inc., which moved its operations support center into the space in late summer 2006.

“This was quicker than Miller's standard hold times,” Fijan says. “They're more of a three- to five-year hold kind of group. This was just good timing on their part.”

Fijan tells GlobeSt.com that the Boston-based AEW ended up with the building, sitting on eight acres, because of the company's offer and reputation. “AEW liked the quality of the cash flow,” he says. “This is a brand-new building, with a good-quality tenant in there for 15 years.”

Details about the Allied lease are being kept under wraps. But, quoted class A office rates in the immediate area range from $27 per sf to $28 per sf. The submarket's vacancy is 10% to 11%.

Fijan partnered with CBRE executive vice president Jerry Roberts to sell the asset for Miller Global. AEW used in-house representation. CBRE's Phoenix team will manage the building.