Vero A2R plans to deploy over $29 million in capital improvements across the two properties to create a best-in-class experiential office environment. As part of the acquisition, the owners intend to enter into an agreement with a co-working operator to manage a new co-working location within Kierland 2. Kierland 1 & 2 are in proximity to premier outdoor lifestyle centers Kierland Commons and Scottsdale Quarter.
“The North Scottsdale submarket deserves a high-end office product consistent with the retail and residential offerings in the area,” said Andy Stone, managing partner of Vero A2R. “This urban node of Phoenix will now have a great live-work-play setup for office workers and residents.”
“We are very excited to close on the Kierland transaction, especially during such a challenging time in the capital markets. North Scottsdale is experiencing strong job and rent growth, and our renovated assets will be well positioned to benefit from this growth,” said Dan Bassichis, founder of Vero Capital. “This transaction is a testament to the quality of the location, asset, and our business plan, along with the strength of our relationships with our capital partners.”
Kierland 1 & 2 will be leased and managed by Stream Realty.
Vero Capital, originally founded as Admiral Capital Group in 2008 by David Robinson and Dan Bassichis, is a real estate and private equity firm. Since the firm’s inception, Vero and Admiral have deployed more than $700 million of capital in transactions valued at more than $3 billion by taking a nimble approach to rapidly evolving markets and investing in areas where the firm has deep expertise and has developed a competitive advantage.
The real estate platform’s highly specialized teams seek to drive value by owning and operating assets in top job growth markets with the ability to generate incremental value through the integration of emerging trends in experiential workspace, technology and hospitality.
The real estate credit team aims to deliver value by investing in subordinate debt and preferred equity in segments of the market that are less liquid and offer higher yields. Vero’s private equity platform harnesses the firm’s corporate, sports and entertainment network to source opportunities to invest in and add value to operating companies, often alongside top-tier private equity firms. In partnership with David Robinson, Admiral will continue to focus on social impact and mentoring professional athletes on investing and philanthropy.