Cushman & Wakefield Represents Seller in Transaction
PHOENIX, Ariz., June 3, 2020 – Cushman & Wakefield announced today the firm has represented the seller, an affiliate of San Francisco-based The Roxborough Group (“Roxborough”), in the disposition of the Perimeter Parkview Corporate Center in north Scottsdale, Arizona. The buyer was San Diego-based Cush Enterprises, which acquired the 104,956-square-foot Class A office asset located at 8377 East Hartford Dr. for approximately $30 million, or roughly $286 per square foot. The transaction closed April 28.
The investment sales and office leasing teams of Chris Toci, Chad Littell, Tim Whittemore, Greg Mayer, and Patrick Schrimscher of Cushman and Wakefield’s Phoenix office worked hand-in-glove to successfully close the transaction.
The acquisition represents a new entry into the Phoenix metro market for Cush Enterprises, a multi- generational San Diego family office led by Stephen P. Cushman and supported by Executive Vice President, Nikolas Parrish.
Roxborough had originally acquired the Perimeter Parkview Corporate Center building and an adjoining 2.9- acre pad site in September 2017 for reposition—following that acquisition, Roxborough sold off the 2.9-acre pad to a local developer for a build-to-suit development. Roxborough purchased the building with expectations it would need to backfill the second floor assuming the existing tenant would likely vacate the following year after paying a termination fee. Within a year of the ink drying on that acquisition, Roxborough secured corporate headquarter tenant P.F. Chang’s China Bistro through a 53,559-square-foot lease that commenced in November 2018.
“Although we looked at various options for the excess land parcel, ultimately, we decided to sell a portion for development and keep a portion to build additional parking that was critical for the P.F. Chang’s global HQ lease execution,” said Matt McCormick, Managing Director of The Roxborough Group. “P.F. Chang’s was looking to showcase its global headquarter location. We worked closely with their team to create a perfect blend of Asian fusion design with a large open floor plan with creative office finishes. After completing our business plan, we are excited to have sold to Cush Enterprises, whose long-term outlook fits well with the long-term tenancy and positioning of the property,” commented McCormick.