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PHOENIX-In a move that ended its five-year tenure as an office developer in the state, Denali National Trust has divested of its last remaining holding in Arizona, selling off the Paradise Valley Corporate Center in a $33-million, off-market deal to Scottsdale-based International Capital Partners.

Officials from Denali did not return calls seeking comment on the divesture, but Dennis Desmond, a vice president in Phoenix for Dallas-based Trammell Crow Co., says the sale was the last of seven buildings developed by Denali since it moved into the local market in 1998 with the “insta-suite” concept. The sale of the 198,452-sf, class A office project–built in 2002 on 6.8 acres at the southwest corner of Cactus Road and Paradise Village Parkway in the wealthy local community of Paradise Valley–was among the top five highest priced building sales in Arizona this year and the largest of International Capital Partners’ acquisitions.

“International Capital Partners was very excited to be able to acquire Paradise Valley Corporate Center and reacted quickly to secure the property before it was actively marketed for sale,” Desmond says of the four-story building, which was 89% leased to tenants that include Progressive Casualty Insurance, New Century Mortgage Corp. and Informative Graphics Corp. Located at 4835 E. Cactus Rd., the asset features a 250,000-sf, five-story parking garage with 900 spaces.

Desmond says the property, which competes with offices in North Scottsdale’s Kierland and Northsight office parks, offered tremendous upside for the buyer with an average cost of $166 per sf, well below the $220 per sf of other North Scottsdale office buildings. In addition to Desmond, Trammell Crow vice presidents Trevor Klinkhamer, Dave Seeger and Karsten Peterson and senior associate Mark Gustin represented Denali in the transaction.

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