George Oliver JV Pays $26M for Phoenix Office Asset
A joint venture between George Oliver Cos. and Ascentris has acquired the office building at 4141 N. Scottsdale Road, in Scottsdale Ariz. The partners paid $26.1 million for the 162,227-square-foot property. JLL represented the seller in the transaction.
Palisades Capital Realty Advisors last owned the asset, having picked it up in 2015 for $34.5 million, according to CommercialEdge data. In the same year, it became subject to a $26.5 million CMBS loan. Wells Fargo Bank provided the note with a 4.1 percent fixed rate and a 2025 maturity term, while Starwood Capital Group originated it, the same source shows.
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Completed in 1985, the building has three stories of office space and two levels of subterranean parking. It underwent a cosmetic renovation in 2012. CommercialEdge data shows that the building’s roster includes Spring Venture Group, Pegasus Solutions, Ascentium Capital and Great Western Bank.
George Oliver Cos. plans to redevelop the property, with construction start scheduled for 2025. Additions are slated to include amenities such as a fitness center, yoga facilities, game areas, dog patios and EV charging stations, in line with the company’s past projects.
Located at the intersection with Indian School Road, 4141 N. Scottsdale Road is within old town Scottsdale. The roughly 3-acre property is in walking distance of various retail options and some 12 miles from Phoenix.
JLL Senior Managing Director Ben Geelan, along with Senior Director Will Mast represented the seller in the transaction. Last year, the same team represented RED Development in the $48.5 million sale of a 70,000-square-foot medical office building in Phoenix.
Phoenix office investment picks up
Year-to-date through April, some $349 million worth of assets have changed hands in metro Phoenix, according to a recent CommericalEdge report. The metro had the third highest office investment volume in the U.S. in this period, behind Dallas and Washington, D.C. The average price per square foot clocked in at $199.
One of the larger recent sales in Phoenix was Younan Properties’ $25 million acquisition of 3200 Central. DPC Cos. sold the 25-story, 350,049-square-foot building, having initially purchased it in 2016 for nearly $50 million.
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