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.

Wentworth and Hastings are leasing the building, which has been renamed Reliance Northsight. The quoted rent is $24 per sf to $25 per sf. Wentworth says they have about 25,000 sf of leases ready to be signed with national tenants. Reliance Cos., headed up by Daryl Burton and Bob Mulhern, a former executive with Minneapolis-based Ryan Cos., will manage the property.

Reliance Northsight, positioned west of Loop 101 and south of Raintree Drive, sits beside a twin, which is owned and occupied by JDA Software Group Inc. of Scottsdale. It acquired the building in February for nearly $24 million.

According to Wentworth, Reliance Cos. obtained financing from First National Bank of Arizona to make the acquisition. And, he adds, the buyer is looking for more development and acquisition opportunities in Arizona.

Instant Insights /

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

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