SCOTTSDALE, ARIZ. — North Dakota-based Edgewood Real Estate Investment Trust has purchased two office properties in Scottsdale from Wentworth Property Co. and Northwood Investors for $85 million.
Barry Gabel and Chris Marchildon of CBRE represented the sellers in the transaction.
Developed in 2008 and 2009, Terra Verde I and Tower at Scottsdale Landing, located at 16767 N. Perimeter Drive and 8660 E. Hartford Drive, total 269,064 square feet. The two Class A properties are 92 percent leased to a variety of tenants, including Pulte Homes, BOK Financial, Annexus Management, Sagicor Life Insurance and Pulice Construction.
The office buildings offer recent capital improvements, high-end tenant finishes, garage parking, building storage and Loop 101 Freeway exposure. Both properties are located within the 260-acre, master-planned Perimeter Center Business Park.