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.”
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