SCOTTSDALE, AZ-BPG Properties Ltd. is in escrow to acquire the 104,949-sf Scottsdale Financial Center I from KBS Realty Advisors, which is whittling away at an office portfolio that it acquired 10 years ago. The buyer is poised to pay about $19 million for the class B asset.

Andrew White, senior vice president in the Yardley, PA-based buyer’s Los Angeles office, says the Scottsdale Financial Center I at 4110 N. Scottsdale Rd. offered a perfect storm from the investment side. “It’s about 75% leased so there’s some value-add by leasing up the property,” he says. “It was built in 1986 so there are some great opportunities to upgrade the building and bring it up to the standard that is commensurate with its outstanding location.”

White tells GlobeSt.com that BPG will invest an additional $3 million to upgrade landscaping, common areas, lobbies and security and HVAC systems. The company’s underwriting requirements call for a five-year hold.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.