PHOENIX—Cassidy Turley announces that Los Angeles-based Regent Properties has acquired 90 Mountain View, a 183,644-square-foot office project located at 9977-9999 N. 90th St. in Scottsdale, for $35 million ($188.41 per square foot). The seller was Principal Real Estate Investors.
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 brokered the transaction on behalf of the seller.
Buckley tells GlobeSt.com, “The North Scottsdale submarket is strongest from an office perspective; and there is a lot of medical office there. It's a finite market there because there is no land available for additional development. Occupancy and rates are moving up. The buyer purchased well below replacement cost; there is tremendous room for rent growth.”
In 2005, 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.
“We are excited to be working with Regent Properties,” says Wentworth. “They are one of the premier owners of commercial properties in the country with an excellent reputation in the real estate community working effectively with both tenants and brokers.”
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 is 91,982 square feet, and Phase Two is 92,562 square feet. The building features 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% leased at the time of sale.
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