The 72%-leased, five-building complex at 7373 N. Scottsdale Rd.was acquired from Prince Properties LLC of New York City. ChrisToci and Ted Harrison with Cushman & Wakefield of ArizonaInc.'s Phoenix office represented the seller while Marc Jones,first vice president of Arden Realty negotiated the buy side.

Jones says the asset fits perfectly with the Los Angeles buyer'sinvestment parameters. "We're 100% office, suburban office," Jonessays. "We're not interested in CBD locations. We're looking more atsubmarkets in strong suburban areas."

Jones tells GlobeSt.com that the 20-year-old Scottsdale Centrealso fit Arden Realty's strategic plans because of its upsidepotential. He says the value-add lies in lease-up with its currentoccupancy. "As rates are moving higher, we can ride that wave andget it leased up at higher rates than what's already there," hesays, adding the complex requires little in the way of capitalinfusion.