NEWPORT BEACH, CA--(Marketwire - Dec 19, 2012) - Buchanan Street Partners, an active buyer of value add office and industrial assets, has acquired a 66,800-square-foot office/flex building in Scottsdale, AZ from H-B Perimeter, LLC. Terms of the sale were undisclosed. Buchanan's acquisition of the Perimeter Center building comes as the Scottsdale Airpark submarket shows steady signs of improvement, including sustained positive absorption and a vacancy rate for office/flex space that has dipped below 10 percent.

"This investment presents the opportunity to acquire an institutional grade asset at an attractive basis in a submarket with improving fundamentals," said Tim Ballard, president of Buchanan Street Partners.

Buchanan Street has set aside significant funds for new tenant finishes and leasing costs, and will also upgrade the parking surface and landscaping. Ideally suited for a single user, the building can easily accommodate two tenants and is designed to meet the needs of a wide range of tenants or users.

Located at 8388 E. Hartford Drive in Scottsdale, the building was constructed in 2000 and was primarily vacant at the time of sale. The property is within the master planned Perimeter Center and is convenient to abundant amenities, including lifestyle shopping and dining at City North, Kierland Commons and Scottsdale Quarter. Access to the Loop 101 Freeway at Bell Road is nearby.

Buchanan Street has grown its Phoenix portfolio to 800,000 square feet of office and industrial properties with this acquisition, and plans to invest more. "This acquisition is part of a fund Buchanan Street has established to invest over $100 million in properties in the Phoenix area over the next 12 months," added Tim Ballard.

Buchanan Street has been an active buyer over the past year, having made eight new investments on behalf of their institutional and private client base. 

About Buchanan Street Partners
Buchanan Street Partners is a real estate investment management firm that invests debt and equity capital on behalf of institutional and private investors.

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