Parallel Capital Nabs $20M Scottsdale Office Asset

The company has acquired Kierland Corporate Center, a 78,273-square-foot property built in 2009.

by Evelina Croitoru

Kierland Corporate Center

Kierland Corporate Center

Phoenix—San Diego-based Parallel Capital Partners has announced the purchase of Kierland Corporate Center in Scottsdale, Ariz. The Class A office complex traded for $20 million, being sold by Bataa/Kierland II LLC.

“The center is situated in an ideal Scottsdale location in the 730-acre Kierland master planned community – considered one of the best addresses in metro Phoenix – with outstanding tenant demand as well as close proximity to a wealth of housing, dining, retail, resorts and entertainment options. We are thrilled to expand our presence in the Phoenix area – one of the fastest growing cities in the nation and home to six Fortune 500 companies,” said Matt Root, CEO with Parallel Capital Partners, in a prepared statement.

Located at 7033 E. Greenway Parkway, the 78,273-square-foot property situated on 3.4 acres of land was built in 2009 and consists of a three-story glass and concrete office complex with modern architecture and onsite parking. At the time of the deal, the property was 87 percent occupied, with the tenant roster including STMicroelectronics, Inc., Eide Bailly, Stifel, Nicolaus & Company and Sherman & Howard.

“Kierland Corporate Center is ideally located adjacent to Kierland Commons, the Westin Kierland Resort & Spa, Kierland Golf Club, the Scottsdale Quarter and more and also proximate to a high concentration of executive residences, a well-educated workforce, Loop 101 and Scottsdale Airport. We believe the area is poised for continued growth,” added Root.

Cushman and Wakefield represented the seller and JLL’s John Bonnell and Brett Abramson represented Parallel in the transaction.

Image courtesy of Parallel Capital Partners