Cushman & Wakefield Cushman & Wakefield has assisted Northern California based Vertical Ventures in securing US $34 million of 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.
The freestanding three-story property is 100 per cent leased to one of the world’s largest investment management companies.
Senior Associate Kristian Brown with Cushman & Wakefield’s Equity, Debt & Structured Finance Group (“EDSF”) in Phoenix represented the borrower in the transaction, which consisted of a US $25 million loan and US $9 million of preferred equity.
“Our team is excited to announce the closing of Northsight Corporate Center, on behalf of Vertical Ventures. Given the changing climate of commercial real estate investment, it was a pleasure working with our lender and preferred equity partner who jointly provided accretive acquisition financing for the Class A asset,” says Brown.
Hamid Rezapour, Founder of Vertical Ventures, says: “We are thrilled to acquire this Class A single-tenant net leased office asset leased to one of the financially strongest tenants in the world. We are on the path to raise a $200 million fully discretionary fund to acquire similar type assets in major markets around the country.”
“Vertical Ventures continues to look for high quality Class A assets with strong financial profiles that are ideally leased to single-tenant credit worthy tenants with a weighted average of eight-plus years of lease term, and located in major U.S. markets having positive demographic growth,” adds Boyd Messmann, the company’s Senior Vice President of Acquisitions.
Located at 14400 N 87th St in the master planned Northsight Business Park, the Northsight Corporate Center is an Energy Star rated building that was originally constructed in 2004. The Class A property features large, flexible floor plates of approximately ±45,000 sf, a high 5/1000 parking ratio and including covered parking, electronic vehicle charging station, and access to an on-site restaurant located adjacent to the building.
The property also features immediate access to Loop 101 and is positioned within minutes of an abundance of retail, shopping and dining amenities, multiple premier golf courses, lodging and resorts, plus other desired amenities conveniently nearby.
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