Cushman & Wakefield assisted Northern California-based Vertical Ventures in securing $34 million in acquisition financing for its purchase of the Northsight Corporate Center, a Class A single-tenant office building totaling 136,682 square feet in Scottsdale, Arizona. CIM Group was the seller. The freestanding three-story property is 100% leased to Vanguard.
Senior Associate Kristian Brown with Cushman & Wakefield’s Equity, Debt & Structured Finance Group in Phoenix represented the borrower in the transaction, which consisted of a $25 million loan and $9 million of preferred equity.
The Northsight Corporate Center, originally constructed in 2004, is located at 14400 N 87th St in the master-planned Northsight Business Park. The Class A property features large, flexible floor plates of approximately ±45,000 square feet, a high 5/1000 parking ratio, covered parking, an electronic vehicle charging station, and access to an on-site restaurant adjacent to the building.
The post Vertical Ventures Acquires Scottsdale Office Building appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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