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Ross Brown Partners represents sale of Scottsdale building
Posted
Independent Newsmedia
Ross Brown Partners has announced that they represented the sale of 8434 N. 90th St., in Scottsdale, which closed on March 4.
The 20,611-square-foot garden-style office building, purchased by a private investor, is occupied by apartment developer P.B. Bell and Associates and MT Builders corporate offices, according to a press release.
The selling entity is comprised of the principals and managers of P.B. Bell/MT Builders. The sale was predicated on a new 10 year lease put in place by P.B. Bell and MT Builders.
The Ross Brown agents, Kyle McGinley and Shawn Dooley, arranged the sale and the leaseback on behalf of the seller.
“This is the second office investment sale we’ve closed in the Pima Center in the last few months,” said Mr. Dooley, of Ross Brown Partners, in a prepared statement.
“We’re seeing a lot of interest from investors over all, but especially in Pima Center as it represents some of the best quality opportunity zone property you can find.”
“These sales are driven by investors’ appetite for better than average yield combined with a reasonable value add component.
We’ve been able to achieve that with cap rates in the 7% range and a price that is 30-35% below replacement value. That’s an attractive combination for our investors,” said Mr. McGinley in a prepared statement.
