Phoenix, AZ (July 16, 2024) — Newmark announces it has arranged the sale of 90 Mountain View I, a three-story 91,082 square-foot, Class A office and medical office project located at 9977 North 90th Street in Scottsdale, Arizona, a submarket of Phoenix.
The asset sold for $11,000,000 ($25,761 per bed / $121 PSF).
Newmark Executive Managing Directors Barry Gabel, Chris Marchildon and CJ Osbrink represented the seller, Regent Properties.
“The sale of 90 Mountain View I is a testament to the strength and resilience of the office and medical office market in Metropolitan Phoenix,” said Gabel. “We continue to see robust demand for well-located, high-quality office and medical office properties. This transaction highlights the confidence investors have in the long-term growth and stability of this region.”
Located in the vibrant “Scottsdale Cure Corridor,” 90 Mountain View I is a LEED and Energy Star Certified property within walking distance of the 427-bed HonorHealth Scottsdale Shea Medical Center. At the time of sale, the property was 86% leased.
Built in 2000 and situated on a 3.32-acre site, the property offers abundant parking, with 4.33 spaces per 1,000 square feet in subterranean, surface, and adjacent parking structures.