The Promenade Corporate Center in Scottsdale sold yesterday for $65 million, according to the Maricopa County Recorder’s office.
Although few details are available, the offices, located at the southeast corner of Scottsdale and Bell roads (16427 N. Scottsdale Road), were sold by Excel Promenade Office LLC, an entity of Excel Trust, Inc.
The firm is a retail focused real estate investment trust that primarily focuses on “community and power centers, grocery anchored neighborhood centers and freestanding retail properties,” according to their website.
Excel Trust trades publicly on the NYSE under the symbol EXL.
The buyer was ER/GS LP Promenade LLC., an entity based out of New York City, who paid a $22 million down payment on a conventional loan.
The offices were built in 2004 on nearly 7 acres. The corporate center is adjacent to the Promenade Retail Center and Scottsdale Airport.