crefeed.com | BPG pays $19M for Scottsdale office property

8/29/2008

BPG pays $19M for Scottsdale office property

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BPG Properties, Ltd. has purchased the Scottsdale Financial Center I in Scottsdale, Ariz., for $19 million on behalf of BPG Investment Partnership VII and VIII A, L.P., a private equity fund with commitments of $850 million.

BPG was represented in-house by Andrew J. White and Gardner Ellner while the seller was represented by Jim Fijan and Jerry Roberts of CB Richard Ellis.

The Scottsdale Financial Center is a 109,949-square-foot office building located at the intersection of Scottsdale and Indian School Roads. It is currently 75 percent leased and BPG plans to invest $3 million in capital improvements to the property.

Fijan is an executive vice president with CBRE and is part of a brokerage team with Tom Adelson that has completed the greatest number of transactions in the firm's Phoenix office.

Roberts joined CBRE in 1988 and has been part of the Fijan-Adelson team as a partner since 1990. He became executive vice president in 2007 and was the firm's "Rookie of the Year" in 1991.

Address: Scottsdale & Indian School Road, Scottsdale, Ariz.

Size: 109,949 square feet

Filed Under: Office

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