The fully leased Scottsdale Norte at 11333 N. Scottsdale Rd. was built in 1998. "The property is in excellent condition so we don't need to do much with it," comments Alan Airth, Koll's managing principal. "We'll be using our asset management expertise to maximize returns on the asset."
Airth tells GlobeSt.com that the asking rents are slightly under market so there is built-in upside potential. A Phoenix team from Dallas-based Trammell Crow Co. will oversee Scottsdale Norte's leasing and management for buyer of record, Koll/PER LLC.
Scottsdale Norte fits the joint venture's mission to acquire office and industrial properties with small tenant suites and vacancies. "In the entire AmeriVest portfolio, some of the properties were more stabilized and better positioned than others," Airth says, "and Scottsdale Norte is one of the stabilized ones. Overall, the portfolio matches our criteria very well--small office and industrial tenants."
The portfolio includes three more metro properties, all of which are scheduled to close by year's end. Still to come are the 96,203-sf Arrowhead Fountains Office Building at 16150 N. Arrowhead Fountains Center in Peoria; 202,262-sf Camelback Lakes Corporate Center at 2710-2850 E. Camelback Rd. and 145,699-sf Southwest Gas Building at 10851 N. Black Canyon Highway, both in Phoenix.
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