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 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.

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