Vero A2R, a Dallas-based investment arm of Vero Capital, has acquired Kierland 2 and the contribution of Kierland 1 to create a 410,000-square-foot office campus in the North Scottsdale submarket of Phoenix, Ariz.
Vero A2R looks to deploy over $29 million in capital improvements across the two properties, aiming to create a best-in-class experiential office environment. As part of the acquisition, the owners work to enter into an agreement with a co-working operator to manage a new co-working location within Kierland 2. Both Kierland 1 and 2 will be leased and managed by Stream Realty.
“The North Scottsdale submarket deserves a high-end office product consistent with the retail and residential offerings in the area,” states 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.”