X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SCOTTSDALE, AZ-A year and a half after acquiring the 107,242-sf Corporate Center at Kierland, owners Hibernia Capital Advisors in Phoenix and El Segundo, CA-based Pacific Coast Capital Partners have sold the office complex for $32.17 million. The joint venture sellers acquired the center for $19 million in April 2005.

Greg Galusha, Pacific Coast Capital Partners’ managing director, says the original plan had a longer term hold–at least two years. However, a strong market prompted the JV to put the 14635 N. Kierland Blvd. complex up for sale. Additionally, the sellers had met their leasing goals. “The building is currently 92%, with a pending LOI ready to take it to 100%,” Galusha tells GlobeSt.com.Galusha says several offers came to the table during the marketing. However, a partnership between Muller Co. of Laguna Hills, CA and BlackRock Realty Advisors of New York City walked away with the building due to the strength of their bid.

“They had a proven track record and had a good understanding of the asset,” Galusha explains. The JV not only offered the highest bid, but built in strong upfront due diligence as well, he adds.

The six-year-old complex has Ryland Group Inc. as the lead tenant in 53% of the class A space. Other tenants are Peter Piper Pizza and McKesson Consulting Services.

Rick Abraham, Bob Young, Glenn Smigiel, Steve Brabant, Brad Anderson and Luke Walker in CB Richard Ellis’ Phoenix office along with CBRE’s Kevin Shannon in Torrance, CA represented the sellers. The buyers were self-represented.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.