Providence Real Estate Group, a San Diego-based investor specializing in real estate, has recently made a significant addition to its office portfolio in the Valley. The company has acquired Scottsdale Northsight, an impressive three-story office building spanning over 138,000 square feet. Located at 14350 N. 87th Street near Loop 101 and Raintree Drive, the property was purchased for a sum of $26.5 million.
The sale of Scottsdale Northsight was facilitated by the real estate database Vizzda and involved the transfer of ownership from New York Life Insurance to Providence Real Estate Group’s entity, MIREF Northsight LLC. The brokerage team responsible for brokering the transaction on behalf of the seller consisted of Chris Toci, Eric Wichterman, and Mike Coover from Cushman & Wakefield’s Capital Markets and Private Capital Group.
According to Toci, Scottsdale Northsight is a top-tier office building recognized for its institutional quality. With a current occupancy rate of 69%, the property offers the buyer significant potential for growth. Many of the building’s tenant suites have recently undergone renovations and have since been leased out at an impressive rate. In addition, there are several spec suites still under construction, which are expected to further enhance leasing velocity and stabilization.
As Providence Real Estate Group expands its presence in the Valley, this acquisition highlights the company’s commitment to investing in high-quality office spaces. With its robust portfolio and strategic investments, Providence Real Estate Group continues to contribute to the growth and development of the real estate market in the Scottsdale area and beyond.
Frequently Asked Questions
1. Who is Providence Real Estate Group?
Providence Real Estate Group is a real estate investor based in San Diego, known for its expertise in acquiring and managing commercial properties.
2. How much did Providence Real Estate Group pay for Scottsdale Northsight?
Providence Real Estate Group purchased Scottsdale Northsight for $26.5 million.
3. What is the current occupancy rate of Scottsdale Northsight?
Scottsdale Northsight has a current occupancy rate of 69%.
4. Who brokered the sale of Scottsdale Northsight?
The sale of Scottsdale Northsight was brokered by Chris Toci, Eric Wichterman, and Mike Coover of Cushman & Wakefield’s Capital Markets and Private Capital Group.
5. What is the significance of the spec suites in Scottsdale Northsight?
The spec suites in Scottsdale Northsight are highly sought after, recently constructed spaces that have been quickly leased out. The completion of additional spec suites is expected to further enhance leasing velocity and stabilization.