Mesquite Corporate Center in Scottsdale sold for $10 million

Posted By Mike Padgett

PRESS RELEASE

Sept. 9, 2009

PHOENIX, Ariz. – CB Richard Ellis has negotiated the sale of Mesquite Corporate Center, a class A, multi-tenant office building at 14646 N. Kierland Blvd.

Barry Gabel and Mindy Korth of CBRE’s Phoenix office represented the seller, Mesquite Corporate Partners, an Arizona LLC with offices in New Jersey, in structuring the $10 million transaction. The buyer was Mesquite Partners I LLC (a related entity to DPC Development Co.) of Greenwood Village, Colo. Justin Lutgen and Nate Schnabel of DPC Development Co. were the point-of-contacts for the buyer.

“We see Mesquite Corporate Center as one of the better assets in this submarket and feel that it will lead the other buildings in terms of occupancy and rental rates when the market turns around,” said DPC President Christopher King. “The building’s golf course exposure is very unique, offering views of the course, as well as Camelback Mountain, from 50 percent of the building.”

DPC has been looking at opportunities in and around metro Phoenix for the past eighteen months.

DPC is a Denver, Colo.-based commercial real estate owner and developer. The company owns nearly 2 million square feet of property in Colorado, Arizona and Texas.  DPC previously had invested in the Phoenix area over the past 10 years, acquiring buildings in Central Phoenix and the Camelback Corridor.  When market values peaked, DPC sold its Phoenix properties. The company once again sees substantial opportunity in the Valley’s commercial real estate market and is in the process of adding to its Arizona portfolio.

Mesquite Corporate Center is a two-story, suburban office property totaling 79,537 square feet. The building offers an attractive and professional image, including mature, lush landscaping, contemporary architecture, high-end interior finishes and a dramatic lobby with its floor-to-ceiling glass wall.

The project’s location in the mixed-use Kierland master-planned community places it close to several North Scottsdale amenities. It lies alongside the Kierland Championship Golf Course, and it is minutes from restaurants, shopping, lodging and recreation venues, including Kierland Commons, a mix of residential and office units above retail space, and the Westin Kierland Resort & Spa.

Mesquite Corporate Center was built in 1999 and developed by Trammell Crow Co. The property was 67 percent leased at the time of the sale. CBRE will continue to lease and manage the property for its new owner.

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Sep 9th, 2009

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