CBRE Brokers $56.5 Million Sale of The Corporate at Pima Center in Scottsdale

PHOENIX, Arizona – CBRE has arranged the $56.5 million ($208 PSF) sale of The Corporate at Pima Center, a two-building, Class A office property situated within the 232-acre, mixed-use Pima Center business park in Scottsdale, Arizona.

Located at the northwest corner of the Loop 101 and Via de Ventura on the Salt River Pima Maricopa Indian Community, the two buildings (9000 and 9200 E. Pima Center Pkwy) sit on just over 20 acres and total nearly 272,000-square-feet. Originally developed in 2006 and 2008 by Opus West, the buildings feature high-end finishes, expansive floor plates and ample parking with a ratio of 4.85 spaces per 1,000-square-feet.

Will Mast, Vice President with CBRE Capital Markets, Institutional Properties in Phoenix, and Jim Fijan, with Fijan Advisors, assisted the seller, a partnership between Hopkins, Minn.-based CarVal Investors and Scottsdale-based MainSpring Capital. The buyer was City Office REIT of Vancouver, Canada.

The property was 99.4 percent leased at the time of sale to a diverse tenant base that spans across financial services, insurance, real estate and renewables. Notable tenants include First American Title Insurance, Nationwide, Mutual of Omaha Bank, Yardi Systems, Taylor Morrison, FirstService Residential AZ, Mattany Homes and DEPCOM Power.

“The Corporate at Pima Center is ideally located in heart of Scottsdale with direct access and great visibility along the Loop 101 freeway. The area is bustling with new office, retail and entertainment attractions,” said CBRE’s Mast. “The ±1.2 million-square-foot, master planned development of Pima Center is one of the strongest business parks in all of Metro Phoenix. The Class A office and flex space boasts an impressive vacancy rate of less than two percent.”

The property is surrounded by the Valley’s premier shopping destinations, resorts, golf courses and attractions, including the Talking Stick Entertainment District, which is home to Talking Stick Resort, Salt River Fields, Topgolf and OdySea Aquarium. The Block at Pima Center, directly adjacent to the property, will bring walkable amenities to the area for the first time.  Expected to be completed by the end of 2018, the retail development will be home to numerous fast-casual and full-service restaurants, health and wellness and beauty concepts and two new Hilton hotel concepts with 166 rooms available.

“With the addition of the new walkable retail amenities, new Hilton hotels and attractions, the area will continue to be a highly sought-after destination for office tenants for years to come,” said Mast.