PHOENIX—CBRE announces the sale of Kierland Fairways Office Plaza located at 14614 N. Kierland Blvd. in North Scottsdale. The 55,268-square-foot office building was sold for $8.2 million. A sizable renovation is planned for the property.

Luke Walker, Dave Carder and Eric Schultz of CBRE's Phoenix office negotiated the sale. The seller was Abart Properties of Scottsdale. The buyer was an affiliate of Montana Avenue Capital of Santa Monica, CA. Abart will continue to oversee day-to-day management of the property. Walker and Carder will continue to oversee marketing and leasing for the property.

MAC is planning an extensive renovation of the building's entryway and common areas, as well as the demolition of the existing interior offices in the top floor of the south wing.

Originally developed in 1998, Kierland Fairways has extensive golf course frontage on the number 2 hole of the Mesquite Golf Course at Kierland Golf Club, as well as views of the McDowell Mountains. The property also features a championship putting green on-site for tenant use. Kierland Fairways benefits from proximity to the Squaw Peak (51) and Pima Loop (101) freeways. At the time of sale the building was 34% leased and currently has 38,221 square feet of vacant available space with 24,000 square feet of contiguous space in the south wing.

"In 2013 the metro Phoenix office market recorded 1.7 million square feet of positive net absorption and we witnessed average asking lease rates increase for the third consecutive quarter. These improving market conditions have placed the asset in an excellent position to lease the remaining vacant space," says CBRE's Walker.