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Opus West Collects $19M From Class A Office Building Sale

SCOTTSDALE, AZ-Tendering an unsolicited offer, Reliance Cos. slides in for the close about a month after the 136,000-sf Opus Northsight II delivers. The new owner immediately renames the empty building to Reliance Northsight.

By Jennifer D. Duell | Updated on December 17, 2004

SCOTTSDALE, AZ-After receiving an unsolicited offer from Phoenix-based Reliance Cos., Opus West Corp. has sold the vacant 136,000-sf Opus Northsight II for $19 million about a month after it delivered.

The building at 14350 N. 87th St. is situated in Northsight Business Park. “Opus has a number of developments in the Scottsdale market and all of them are at least double the size of this building,” says Jeff Wentworth, a senior vice president with Grubb & Ellis/BRE Commercial LLC. “I thought they might be willing to part with this building at the right price.” Wentworth teamed with senior associate Blake Hastings to negotiate the class A trade.

Wentworth tells GlobeSt.com that the three-story building, just completed last month, was purchased for $139 per sf, well below replacement cost. “Land is selling for $20 per sf and with the price of steel, there’s no way that Reliance could have built this building for what it paid,” he says.

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