Seller releases details on $65M sale of Promenade Corporate Center in Scottsdale


PromenadeCorpCenterYesterday Dealmaker reported the Promenade Corporate Center in Scottsdale sold for $65 million.

The offices, located at the southeast corner of Scottsdale and Bell roads (16427 and 16435 N. Scottsdale Rd.), were sold by Excel Promenade Office LLC.

Today, the buyers — Lincoln Property Company and partner Goldman Sachs – have released more information on the purchase.

The companies have plans to re-establish the 256,175-square-foot center, which consists of two, four-story buildings, through a strategic renovation plan with up to $1 million in improvements, according to a press release.

Some improvements include lobby renovations, common corridor painting and landscape work.

Promenade Corporate Center is currently 80 percent occupied by tenants ranging from Fitch, Inc. and Healthcare Trust of America to Meridian Bank and Regus Corporation.

David Krumwiede, executive vice president at Lincoln Property Company, said in the release the purchase is a fantastic addition for their team, an opportunity to fill out the project’s vacant office space and maximize its potential as the area’s largest and best office option.

“We are in an upswing office market, with new, cutting-edge tenants committing to the Valley every day,” he said. “We are more than excited to expose that interest to this project.”

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