Stockdale Capital Partners acquires 372,000 square foot Class A research and creative office building in North Scottsdale
SCOTTSDALE, AZ – December 11, 2019 – Stockdale Capital Partners (“Stockdale”), a Los Angeles-based real estate investment manager, acquired a 372,000 square foot, Class A medical laboratory and creative office building formerly known as Henkel Corporate Center located in the Scottsdale Airpark submarket.
The property, located at 7201 East Henkel Way in Scottsdale, provides high visibility and access to the Loop 101 Freeway, allowing easy access to all major labor markets in the Phoenix metropolitan area. The property will be available for lease for the first time ever and features large, open floorplans; a one-of-a-kind rooftop amenity deck and ready-for-use medical lab and R&D space that is already beginning to lease.
Originally developed as a build-to-suit for Henkel’s North American headquarters in 2009, the property’s unique architecture and irreplaceable infrastructure, including wet lab build-outs, rooftop garden, cafetorium and auditorium suites, and subterranean parking, distinguishes it from any other facilities available in the North Scottsdale area. Stockdale will embark on a multi-million dollar rebranding and cosmetic improvement of the asset to enhance the building’s appeal to technology and life science users. With the repositioning, Stockdale will be able to meet pent-up and growing demand by life science and technology tenants in an area with a low availability rate.
“This incredibly unique property will allow us to meet the continued demand for large office blocks and research/lab space in the market, said Shawn Yari, Managing Director of Stockdale Capital Partners. “We look forward to finally bringing this asset to the market for lease given the lack of current supply in this fantastic location.”
The property is conveniently located near all major North Scottdale amenities, including the high-end restaurants and retail shops of Desert Ridge Marketplace, Kierland Commons and Scottsdale Quarter. Additionally, the proposed 120-acre One Scottsdale mixed-use development will further improve the desirability of the area as a premier live/work hub.
Additionally, located only three miles southwest of the property is the 210-acre Mayo Clinic medical campus, home to the Mayo Clinic Hospital, a 209-bed, state-of-the-art, inpatient medical care facility that opened in 1998. Plans are in the works to develop a 225-acre biomedical corridor, which will be anchored by the Mayo Clinic Hospital and the Mayo Clinic Proton Beam Radiation Therapy Center.
“The former Henkel building is iconic and will finally be available to both public and private sector office and biotech tenants. This building is one-of-a-kind in Arizona and offers numerous leasing options for today’s modern tenant,” said Managing Director Mark Stratz, of Transwestern, who will be providing leasing services for the property. “We are excited to bring this incomparable building to the market.”