March 12, 2020
Apartment developer P.B. Bell and Associates and MT Builders sold their 20,611-square-foot building at 8434 N. 90th St. in Scottsdale to a private buyer. The sale was predicated on a new, 10-year lease put into place by P.B. Bell and MT Builders. Ross Brown Partners’ Kyle McGinley and Shawn Dooley, arranged the sale and the leaseback on behalf of the seller. The building is situated in the mixed-use Pima Center, in a designated Opportunity Zone.
“This is the second office investment sale we’ve closed in the Pima Center in the last few months,” Dooley said. “We’re seeing a lot of interest from investors overall, but especially in Pima Center as it represents some of the best quality opportunity zone property you can find.” Added McGinley: “These sales are driven by investors’ appetite for better than average yield, combined with a reasonable value-add component.”
Pictured: Downtown Scottsdale Waterfront
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