Cassidy Turley* announced Monday that Los Angeles based Regent Properties, a multi-faceted real estate investment company, has acquired 90 Mountain View, a 183,644 square foot office project located at 9977-9999 N. 90th St. in Scottsdale, Ariz., for $34.6 million ($188.41 per square foot). The seller was Principal Real Estate Investors, one of the largest institutional real estate managers in the United States.
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.
“The project’s architectural appeal, functional layout and location in Scottsdale, one of Arizona’s most desirable submarkets, ensures the continued track record of success for 90 Mountain View,” said Buckley.
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,” said 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 ideally 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 82.3% leased at the time of sale.
*Cassidy Turley announced in a press release on Sept. 22 that it has entered into an agreement with an affiliate of DTZ Investment Holdings, backed by TPG, PAG Asia Capital and Ontario Teachers’ Pension Plan (the Consortium that agreed to acquire DTZ), to sell 100% of the equity interests of Cassidy Turley. The agreement is subject to customary closing conditions and is dependent on Cassidy Turley’s combination with the operations of DTZ Group (DTZ) to create a global, full-service commercial real estate services company. The Consortium’s acquisition of DTZ closed Nov. 5, 2014. The acquisition of Cassidy Turley is expected to close Dec. 31, 2014.
