Kierland Corporate Center
Photo courtesy of Parallel Capital Partners

Kierland Corporate Center Photo courtesy of Parallel Capital Partners

Parallel Capital Partners based in San Diego has sold an Arizona business center for $25 million.

The Kierland Corporate Center in Scottsdale at 7033 E. Greenway Parkway was acquired by Ascentris, a real estate private equity firm based in Denver, Colorado.

The business center is in the 730-acre Kierland master planned community that includes the mixed-use development Kierland Commons.

“It’s clear there is still a healthy demand for buildings of this caliber in this area,” said Matt Root, CEO of Parallel Capital Partners. “Along with robust demand, the area is in close proximity to a great selection of housing, dining, retail, resorts and entertainment. It also is within walking distance to the 756-room Westin Kierland Resort & Spa with a 27-hole championship golf course.”

The property was 93 percent leased at the time of the sale.

Tenants included STMicroelectronics, Inc., Eide Bailly, Stifel, Nicolaus & Co. and Sherman & Howard.

Built in 2009, the business center has 81,894 square feet of space on more than three acres.

Before selling the property, Parallel Capital Partners made more than $1.7 million in improvements.

Eric Wichterman and Mike Coover of Cushman & Wakefield Phoenix represented both parties in the sale.