SCOTTSDALE, ARIZ. — Desert Troon Cos., a Scottsdale-based real estate developer, has sold a 638,717-square-foot office portfolio within the 260-acre Perimeter Center business park in Scottsdale. The buyers, Wentworth Property Co. LLC (WPC) and Northwood Investors, purchased the Class A portfolio for $122 million.
Desert Troon originally developed the five-building portfolio, which features Perimeter Gateway I, II, III and V, and Terra Verde. WPC plans to start renovations to the portfolio immediately, including upgrades to the lobbies and common areas of Perimeter Gateway I, II and V, as well as adding a cafe, tenant lounge and fitness center to Perimeter Gateway I that will be available to tenants of all four Perimeter Gateway buildings.
WPC also plans to convert roughly 162,000 square feet of the portfolio into spec space, with each building having two or three spec office suites. In addition, WPC plans to build two new parking garages, with construction starting in the third quarter for an estimated 2017 completion.
Tom Knoell Jr. represented Desert Troon internally in the transaction, and Jeff Wentworth, Chris Walker, Mike Beall and Sean Spellman of Cushman & Wakefield represented the buyers.
“As one of the premier office portfolios in the state, it has been Desert Troon’s privilege to manage this standout portfolio with our partners,” said Daniel Smith, CEO of Desert Troon Cos. “Desert Troon Cos. used this strategic disposition of assets to continue its targeted value-add acquisition strategy.”
Desert Troon is a master-planned developer whose assets include Torreon Golf Community and Hassayampa Golf Club in Arizona, Cimarron Hills Golf and Country Club in Texas and Red Mountain Resort in Utah. The company’s real estate portfolio is approaching $600 million.
Wentworth Property Co. is a Phoenix-based developer that has built more than 7 million square feet of office and industrial projects in the past decade.
New York-based Northwood Investors is a private real estate investment advisor with an asset management portfolio comprising roughly $6 billion as of Jan. 1.
— John Nelson