October 30, 2019
Velocis LLC shook hands with Hines and partner Pacific Coast Capital Partners LLC (PCCP) to acquire Kierland One, a 175,441-square-foot office building in Scottsdale, AZ. The Dallas buyer paid $52.4 million for the four-story asset at 16430 N. Scottsdale Rd. in the city’s Kierland neighborhood. Barry Gabel, Chris Marchildon and Will Mast with CBRE negotiated the sale.
Kierland One delivered in 1999, and is situated on 11 acres. During its hold, Hines renovated the property to include 12,500 square feet of retail space and upgrades to the main lobby, fitness center, tenant lounge and outdoor patio. Hines and PCCP have owned the asset since 2013.
Kierland One is 90% occupied with tenants including Carlisle Cos., Primary Residential Mortgage and Belmont Group.
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