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Vero Capital returned to the scene of a previous purchase and closed the deal on the second of two Scottsdale office properties. Vero recently acquired Kierland 2, a 240,000-square-foot office building at 16260 N. 71st St. for $47 million. The seller was LBA Realty. A year ago the group paid $58 million for Kierland 1, the 175,577-square-foot building at 16430 N. Scottsdale Road in October 2021.
Vero plans to deploy over $29 million in capital improvements across the combined 410,000-square-foot Class A office campus in the North Scottsdale submarket of Phoenix.
“We are very excited to close on the Kierland transaction, especially during such a challenging time in the capital markets. North Scottsdale is experiencing strong job and rent growth, and our renovated assets will be well positioned to benefit from this growth,” said Vero’s Dan Bassichis.
Kierland 1 & 2 will be leased and managed by Stream Realty.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.