Grunberg Lobs $54M Play to Win First Metro Deed

SCOTTSDALE, AZ-Making its first acquisition in the Phoenix market, a company formed by Grunberg Realty in New York City has paid $54 million or $215 per sf to buy Scottsdale Executive Office Park, a 251,588-sf complex. The seller was a company formed by Los Angeles-based Lowe Enterprises, which bought the property in March 2006 for $47.93 million from a private investor who had acquired it six months earlier for $37 million.

Grunberg principal Michael Grunberg tells GlobeSt.com the company plans to build on improvements the seller made during its tenure at 8655 E. Via de Ventura and 7975 N. Hayden Rd. “The property was a little tired when Lowe bought it,” he says. “It had an occupancy of about 80%. They brought to the next level at 91% or 92% occupancy. We plan to build on that and take it to the next level.”

Although it’s contingent upon local approvals, the process will likely include expanding the square footage to add another floor of offices and introduce retail and restaurant uses. The 15-acre project consists of one two-story and one three-story building along with structured parking. More parking may be added.