Scottsdale’s vacant Kierland One office building sold for $29.3 million

 

 

 

 

 

 

 

 

 

Fear of something is at the root of hate for others, and hate within will eventually destroy the hater.

George Washington Carver

 

Kristena Hansen Reporter-Phoenix Business Journal Aug 26, 2013, 2:20pm MST

Kierland One — a 175,441-square-foot lender-owned office building in north Scottsdale that has been empty for the past 2.5 years — was recently sold to a joint-venture partnership between Hines and Pacific Coast Capital Partners LLC for $29.3 million, according to recent statements from Hines and the Phoenix office of CBRE.

The sales price equated to $167 per square foot, which according to LoopNet, is more than double the Valleywide average of $71.32 per square foot as of June.

The last time Kierland One switched hands was just before the Great Recession hit in 2007 for $53.3 million, or about $303 per square foot.

An entity formed by Massachusetts Mutual Life Insurance Co., which foreclosed on the building in 2011, was the seller.

Kierland One is a high-end four-story office building situated on 11 acres across from The Promenade shopping center near Bell and Scottsdale roads.

“We received a great deal of interest from both local and national investors looking for a Class A office property in a one-of-a-kind, Scottsdale location,” Barry Gabel, a broker with CBRE who helped represent Cornerstone Real Estate Advisors LLC, the special servicer, said in the statement. “With 40 property tours and more than 25 offers, Kierland One is a testament to the recovering investment market in metro Phoenix,” said Gabel.

Kierland One was built in 1999 as a build-to-suit for insurance provider Prudential. Although the insurer had a 10-year lease there, it slowly began migrating to another nearby facility that it owned outright and thus subleased its space at Kierland One to major users such as home builder DR Horton.

Pacific Life Insurance Co. and KBS Realty Advisors purchased the building in 2007 for $53.3 million. It used $32.28 million worth of financing from Mass Mutual, according to a recent article by the Business Real Estate Weekly of Arizona.

Once Prudential’s master lease expired and its sublessees vacated, Mass Mutual foreclosed on the note in 2011.

Hines and PCCP have been active investors in the Arizona real estate market in the past, but BREW said this is the first time the pair have teamed up.

For instance, Hines owns the 24th At Camelback and 24th At Camelback II, the two office towers at the southwest corner of Camelback Road and 24th Street where companies such as Cole Real Estate Investments Inc. are located.

“Kierland One is a property that we have admired for several years,” Chris Anderson, Hines managing director and head of the firm’s Arizona office, said in the statement. “We pursued it aggressively when the opportunity to purchase the asset became available.”

Kristena Hansen covers residential and commercial real estate.

READ MORE..

http://www.bizjournals.com/phoenix/news/2013/08/26/scottsdales-vacant-kierland-one.html?ana=e_du_pub&s=article_du&ed=2013-08-26&page=all

 

a little about me and my expertise – video

LAND SPECIALIST – LAND EXPERT – INVESTMENT BROKER – ARIZONA

https://www.youtube.com/watch?v=PPs3kpKR4nY

 

 

Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Investment Properties in Phoenix.

 

 

View my listings and my profile at:

http://www.loopnet.com/profile/14101172900/Walter-Unger-CCIM/Listings/

 

www.Walter-Unger.com

www.KLCommercialGroup.com

 

What is a CCIM?

 

 

Please go to my web-site and get all the newsflashes and updates in Commercial Investment Real Estate in Phoenix and Commercial Investment Properties in Phoenix daily

 

www.walter-unger.com

 

Follow me on Facebook:

http://www.facebook.com/ungerccim

Follow me on Twitter:

https://twitter.com/Walterunger

Follow Me on Linkedin:

https://www.google.com/search?q=linkedin+pub+walter+unger+ccim+782+920&channel=linkdoctor

Follow Me on Google+

https://plus.google.com/u/0/b/114560883588623379451/

 

Walter Unger CCIM, CCSS, CCLS

I am a successful Commercial Investment Real Estate Broker in Arizona now for 15 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial and  Landspecialist in Phoenix and a Landspecialist in Arizona.

1.

WHETHER YOU LEASE OR OWN

NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.

 

In my opinion in Arizona we are at on the a rise of the cycle in Commercial Real Estate.  so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix.  The prices on deals I may get you will not be around forever.

2.

IF YOU OR ANYBODY YOU KNOW IS IN TROUBLE WITH YOUR BUSINESS, AS MANY AMERICANS ARE IN THE MOMENT, AND ARE ABOUT TO LOSE YOUR COMMERCIAL PROPERTY, PLEASE CONTACT ME.  IF YOUR BANK IS BEHAVING BADLY I MAY BE ABLE TO HELP YOU GET OUT OF SOME OR MAYBE A LOT OF FUTURE HEADACHES.

 

3.

WAITING TO SELL YOUR LAND ? TIMES CHANGE / IT’S TIME

  We barely could give land away the last few years, but times are changing.  Even in those meager years, I sold more land across the state than most other brokers. Before the real estate crash I was a land specialist in Arizona with millions of dollars of transactions, but then I had to change and also sell other commercial investment properties, which was fun, but I am a Commercial Landspecialist in Arizonal, a Commercial Land Specialist in Phoenix and love to sell land, one acre to thousands of acres.

Since I was a Land Specialist in Arizona and a Land Speciaost in Phoenix many of my clients, Sellers and Buyers remember me and now they are calling me again, so this is the time to get back into land and none of my clients, including future clients, will miss out on getting their best deal.

Also, if you are up-side down on your land, like many Americans, and the lender is giving you a hard time, now is the time to put your land on the market. Lenders are making deals now with short sales.  I have been working with banks for many years – I learned how to work with them.

 

If you have any questions about the 1 to  3 above, about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona,  I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.

 

Please reply by e-mail walterunger@ccim.net or call me 520-975-5207 (cell)  602-778-5110 (office direct).

 

www.Walter-Unger.com

 

 

 

Thank You

Walter

 

Walter Unger CCIM

Associate Broker

Kasten Long Commercial

2821 E. Camelback Road, Suite 600

Phoenix, AZ 85016

Cell:      520-975-5207

Direct:   602-759-1202

Office :  602-445-4141

Fax:      602-445-4188

walterunger@ccim.net

 

Delivering the New Standard of Excellence in Commercial Real Estate

 

www.walter-unger.com

www.KLCommercialGroup.com

 

 

  • Commercial Real Estate Scottsdale
  • Commercial Real Estate Phoenix
  • Commercial Real Estate Arizona
  • Commercial Investment Properties Phoenix
  • Commercial Investment Properties Scottsdale
  • Commercial Investment Properties Arizona
  • Land Specialist Arizona
  • Arizona Land Specialist
  • Land Specialist Phoenix
  • Phoenix Land Specialist
  • Land For Sale Phoenix
  • Land for sale Arizona
  • Commercial Properties For Sale Phoenix
  • Commercial Real Estate Sales Phoenix
  • Commercial Properties Phoenix
  • Commercial Properties Arizona
  • Commercial Land Specialist Phoenix
  • Commercial Land Phoenix
  • Multifamily land Phoenix
  • Retail Land Phoenix
  • Industrial Land Phoenix
  • Land Commercial Phoenix
  • Land Retail Phoenix
  • Land Industrial Phoenix
  • Land Multifamily Phoenix
  • Industrial Land for sale Phoenix
  • Land Industrial
  • P

 

 

 

Disclaimer of Liability

The information in this blog-newsletter is for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.