Kierland office building sells for $37M; 6 other Valley real estate deals to know – Phoenix Business Journal – The Business Journals

The 109,811-square-foot Kierland Corporate Center I has sold for $37.75 million 
The class A office building at 7047 East Greenway Parkway, which has a Scottsdale address but is in the city limits of Phoenix, sold to YMC Company LLC, according to an announcement from Kidder Mathews. The seller was Starwood Property Trust Inc.
Kidder Mathews Senior Vice President Erik Marsh represented the buyer in the deal, which closed on Dec. 15.
The office building is surrounded by amenities, including Kierland Commons and the Scottsdale Quarter, new apartment buildings, Westin Kierland Resort, and the AC Hotel.
“This speaks to the high demand for office space in this submarket,” Marsh said in a statement. “Office fundamentals in the Phoenix market are strong with the removal of Covid-19 restrictions. Tenants are comfortable committing to longer leases again, making office properties an attractive investment. The Kierland office submarket is outperforming the overall Phoenix MSA with lower vacancy and increased rent growth.”
Over in the West Valley, an entity tracing to Colorado-based The Pauls Corp. recently purchased a Tolleson industrial park for $135 million, according to real estate database Vizzda.
AZ Logic Park 91 LLC purchased the site from CRP/Marwest Logic Park Owner LLC, which is connected to Martens Development Co., on Dec. 15, Vizzda shows.
The property, called Logic Park, is located on the southwest corner of 91st Avenue and Buckeye Road on about 43 acres.
The 728,390-square-foot park is comprised of three single-story buildings developed in 2020 that are 256,000 square feet, 229,030 square feet and 243,360 square feet.
Will Strong, Greer Oliver, Connor Nebeker-Hay and Kirk Kuller of Cushman & Wakefield represented the buyer and the seller on the purchase.
Located in Tempe, the Agave Executive Center, a 78,825-square-foot multitenant office building has sold for $16.8 million.
The three-building center, at 1721, 1725 and 1729 W Greentree Drive in Tempe, was 100% leased to six tenants at the time of sale, according to Cushman & Wakefield. Agave Executive Center was built in 2000 and sits on about 5.5 acres.
White Mountain Investments Management LLC of Utah was the buyer, and DIG Agave Center, LLC, an entity controlled by Dornin Investment Group, was the seller.
Agave Executive Center is fully leased to six tenants, with 50% of its occupancy stemming from a single long-term tenant, a player in the autonomous robotic vehicle technology sector.
Mike Coover and Eric Wichterman with Cushman & Wakefield in Phoenix represented the seller in the transaction. The firm’s Keith Lambeth and Patrick Schrimsher also served leasing advisory roles. The buyer was represented by Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark Knight Frank.
A 54-acre industrial development site at the southeast corner of Southern Avenue and Rainbow Road in Buckeye sold for $6.53 million, according to SVN Desert Commercial Advisors.
The buyer was Buckeye 54 LLC, a joint venture formed by Contour Real Estate and Shopoff Realty Investments, both California-based real estate investment and development firms. The seller was KWC Motorsports LLC.
The joint venture plans to build a logistics park made up of two warehouses totaling 900,000 square feet. Additionally, Contour Real Estate has 77 acres in Buckeye closing this year for another large warehouse and manufacturing project totaling 1.2 million square feet.
Paul Borgesen and Dylan Sproul of SVN Desert Commercial Advisors negotiated the transaction on behalf of the buyer.
• Buchalter is relocating its Arizona law office to Scottsdale Quarter after signing a lease for 20,000 square feet.
The firm’s 45 attorneys and support staff are expected to be in the new space at 15169 N. Scottsdale Road by early March 2022, according to an announcement. The Los Angeles-based law firm’s Arizona office is currently at 16435 N. Scottsdale Road, Suite 440.
“The Scottsdale Quarter is exactly what we are looking for to accommodate our growth in Arizona,” Adam Bass, president and CEO of Buchalter, said in a statement. “The new space is a perfect fit as it allows us to continue to grow and thrive and is in the highly desirable Kierland area of Scottsdale.” 
This growth includes adding at least six attorneys during 2021.
Buchalter was represented in the lease negotiations by Executive Managing Director Pat Williams and Managing Director John Pierson of JLL.
• Tonos Mobile Home Park at 12914 W. Tara Lane in Surprise and Mountain Village Mobile Home Park at 226 E. South Mountain Ave. in Phoenix sold for a total of $1.5 million, Park Brokerage Inc. announced. Both properties were nearly 100% occupied at time of closing with rents at or near market value.
Mountain Village Mobile Home Park sold on Dec. 21 to AZ Park Partners LLC for $905,000, according to Maricopa County records. The seller was Davis Land Group LLC.
The seller of Tonos Mobile Home Park was Tara Lane DS, according to county records. The buyer’s name wasn’t immediately available.
John Sheedy, senior vice president of Park Brokerage, represented the seller and procured the buyer.  
• Lilac Healthcare renewed and expanded its lease at Chandler Medical Center at 655 S. Dobson Road in Chandler, according to NAI Horizon’s Investment Services Group. The total lease value is in excess of $3.3 million. Lilac Healthcare’s new lease for medical office space is for 13 years and totals 10,994 square feet.
NAI Horizon Executive Vice President Lane Neville, Senior Associate Logan Crum and Agent Cole Neville represented the landlord, Chandler Medical Property Company LLC. The tenant was represented by Marina Hammersmith and Tyrel Williams with ORION Investment Real Estate.   
Editor’s note: The real estate deal wrap is published regularly by the Phoenix Business Journal. Send new real estate transactions and retail/restaurant leases to managing editor Erin Edgemon,
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