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Cushman & Wakefield secures $34M financing for Scottsdale Northsight Corporate Center

photo of Northsight Corporate Center
Found at 14400 N. 87th St. in the master planned Northsight Business Park, the Northsight Corporate Center is an Energy Star rated building that was originally constructed in 2004. (File Photos/DigitalFreePress)
Northsight Corporate Center acquired by Vertical Ventures in Scottsdale
Staff Reports | Digital Free Press

Cushman & Wakefield played an assist in Northern California based Vertical Ventures pursuit in securing $34 million in acquisition financing for its purchase of the Northsight Corporate Center, a Class A single-tenant office building in Scottsdale.

The freestanding three-story property is 100% leased to one of the world’s largest investment management companies, Cushman & Wakefield officials tell the Digital Free Press.

Senior Associate Kristian Brown with Cushman & Wakefield’s Equity, Debt & Structured Finance Group in Phoenix represented the borrower in the transaction, which consisted of a $25 million loan and $9 million of preferred equity, according to a press release.

“Our team is excited to announce the closing of Northsight Corporate Center, on behalf of Vertical Ventures. Given the changing climate of commercial real estate investment, it was a pleasure working with our lender and preferred equity partner who jointly provided creative acquisition financing for the Class A asset,” said Mr. Brown.

Hamid Rezapour, founder of Vertical Ventures, says he excited to acquire the Northsight Corporate Center.

“We are thrilled to acquire this Class A single-tenant net leased office asset leased to one of the financially strongest tenants in the world,” he said. “We are on the path to raise a $200M fully discretionary fund to acquire similar type assets in major markets around the country.”

Found at 14400 N. 87th St. in the master planned Northsight Business Park, the Northsight Corporate Center is an Energy Star rated building that was originally constructed in 2004.

The Class A property features large, flexible floor plates of approximately ±45,000 square feet, a high 5/1000 parking ratio and including covered parking, electronic vehicle charging station, and access to an on-site restaurant located adjacent to the building.

“Vertical Ventures continues to look for high quality Class A assets with strong financial profiles that are ideally leased to single-tenant credit worthy tenants with a weighted average of eight-plus years of lease term, and located in major U.S. markets having positive demographic growth,” added Boyd Messmann, SVP of acquisitions for Vertical Ventures.

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