SCOTTSDALE, Ariz., March 10, 2020 /PRNewswire/ — Ross Brown Partners announced today that they represented the sale of 8434 N. 90th St in Scottsdale which closed on March 4, 2020.
The 20,611 SF garden-style office building was purchased by a private investor. The building is occupied by apartment developer P.B. Bell and Associates and MT Builders corporate offices. 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 Dooley, of Ross Brown Partners. “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.” McGinley added, “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.”
About Ross Brown Partners:
Ross Brown Partners is an entrepreneurial boutique commercial real estate firm specializing in wealth creation and preservation through time tested principles and processes. The four founding partners average 40 years of professional commercial real estate business experience, which they use to add value to their clients’ operations and investments. www.rossbrownpartners.com
About Pima Center:
Pima Center is a 232-acre, mixed-use business and lifestyle park located at the intersection of the Loop 101 freeway at Pima/90th Street and Via de Ventura. Developed by MainSpring Capital Group, the park has more than 1.7 million SF of completed buildings and is home to companies such as Plexus Worldwide, First American Title, Nationwide Insurance, iMemories, HonorHealth, Nant Energy, Renaissance Companies and many others.
About MT Builders:
MT Builders Companies is a commercial construction company based in Scottsdale, Arizona, and was formed in 1995 by Michael Tarver and Philip Bell. CEO, Mike Tarver, and many of the staff members have more than 30 years of experience in the Arizona construction industry.
About PB Bell:
Located in Scottsdale, P.B. Bell develops and manages multifamily housing communities throughout Arizona.
Media Contact: Eileen Baston 480-362-9520 ebaston@rossbrown.com
SOURCE Ross Brown Partners, Inc.
