December 10, 2018
Charlotte, NC-based Lennar Multifamily Communities acquired two office buildings within Scottsdale’s Kierland development. The company plans to demolish the two Class A office buildings and construct a luxury apartment community on the 4.17-acre site.
One building is located at 15849 N. 71st St. on a 1.8-acre site and contains 30,028 square feet of office space. It was sold by Kierland Office Limited Partnership. The second building, situated just to the south on a 1.97-acre parcel, contains 19,373 square feet of space and was sold by PBA.
“It is unusual for the sale of two high-quality office buildings to result in demolition,” says Colliers International’s Greg Hopley, who brokered the sale. “This is indicative of the premium being placed on well-located multifamily sites during this very robust cycle of apartment development here in the valley of the sun.”
Development of the multifamily project is anticipated to commence during Q3 2019, and is planned to open in 2021.
For comments, questions or concerns, please contact Dennis Kaiser