PHOENIX—Dunbar Real Estate Investment Management has sold an office building at 3260 N. Hayden Rd. in Scottsdale after investing heavily in its renewal.
Ross Mitchell, president of Dunbar, tells GlobeSt.com that Dunbar acquired the bank-owned office building in July 2012 when it was less than 50% leased and immediately invested capital into the project by initiating a speculative suite leasing campaign that proved successful with current occupancy of over 90%—which took approximately 18 months. Suite sizes range from 1,000 to 5,000 square feet.
“The South Scottsdale submarket has been a good performer for us,” says Mitchell. “It's been quicker to recover than some of the other submarkets.”
Tracy Cartledge of Cassidy Turley represented the firm on the acquisition in 2012 and also the most recent sale. Michael Kitlica of Cassidy Turley leased the project on behalf of Dunbar and also represented the firm on the sale of the project which sold for $3.7 million.
Dunbar is in escrow on two additional Phoenix area office and industrial projects that will mark the firm's sixth and seventh acquisitions over the past three years. Dunbar is aggressively seeking value-added investment opportunities in Southern California and Phoenix.
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