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11/26/14
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Regent Properties, out of Los Angeles, has acquired 90 Mountain View, a 183.6k sf office project in Scottsdale, AZ for $34.6 mil ($188/sf). The property, located at 9977-9999 N. 90th St, was sold by Principal Real Estate Investors, one of the largest institutional real estate managers in the United States.
Built in 2000 and 2005, 90 Mountain View includes two Class A office buildings located in one of metro Phoenix’s most sought after office markets. The Phase One building contains 92k sf, while Phase Two is 92.6k sf in size. The buildings feature intricate architectural designs with striking concrete and reflective glass facades. The project includes both covered and underground parking structures.
Located at the northeast corner of 90th Street and Mountain View Road, the project is just east of Loop 101 and between two four-diamond interchanges. Current tenants at the property include PayPal, Cardno and Hard Dollar Corporation. The project was 82.3% leased at the time of sale.
Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley’s Capital Markets Group and Executive Managing Director Jeff Wentworth and Vice President Sean Spellman with Cassidy Turley’s Office Group represented the seller.
Wentworth and Spellman secured eBay as the anchor tenant for 90 Mountain View, and then subsequently sold the property to Principal Financial. They have been retained by Regent for the marketing and leasing assignment.
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