ARIZONA NEWS

Providence Real Estate Group purchases office building in Scottsdale Airpark

Nov 20, 2023, 12:41 PM | Updated: 12:42 pm

Scottsdale Northsight, located at 14350 N 87th Street in Scottsdale, has been purchased by San Dieg...

Scottsdale Northsight, located at 14350 N 87th Street in Scottsdale, has been purchased by San Diego-based Providence Real Estate Group. (Cushman & Wakefield Photo)

(Cushman & Wakefield Photo)

A San Diego real estate investor has bolstered its Valley office portfolio by way of another Scottsdale property.

Providence Real Estate Group purchased Scottsdale Northsight — a three-story, more than 138,000-square-foot office building at 14350 N. 87th Street near Loop 101 and Raintree Drive — for $26.5 million. The firm, led by Kyle Nelson, purchased the office building from New York Life Insurance through the entity MIREF Northsight LLC, according to real estate database Vizzda.

Chris Toci, Eric Wichterman and Mike Coover of Cushman & Wakefield’s Capital Markets and Private Capital Group brokered the sale for the seller.

“Scottsdale Northsight is a premier, institutional quality office building with an in-place occupancy of 69%, providing the buyer with a healthy level of upside potential. A significant portion of the building’s tenant suites were recently constructed into best-in-class spec suites that were well received and leased rapidly. What’s more, several additional spec suites were nearing completion at the time of close, which will further accelerate leasing velocity and stabilization,” Toci said in a statement.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

Carol Norrs, 86, of Mesa was found dead in the desert on Dec. 11, 2023....

KTAR.com

86-year-old Mesa woman found dead in desert nearly month after disappearance

An 86-year-old Mesa woman was found dead in a desert area almost a month after she went missing, authorities said Monday.

27 minutes ago

Protesters shout as they join march around the Arizona Capitol after the Supreme Court decision to ...

Associated Press

Arizona Supreme Court scheduled to hear arguments on abortion law

The Arizona Supreme Court is scheduled to hear arguments Tuesday on whether the pre-statehood abortion ban of 1864 should apply.

1 hour ago

Arizona Governor Katie Hobbs sits in a classroom with a group of elementary school students in a fi...

Kevin Stone

Arizona Gov. Katie Hobbs invests $2M in teacher mentoring after task force issues findings

Arizona Gov. Katie Hobbs didn’t take long to act after her Educator Retention Task Force reported its findings, but there are plenty of issues left to address.

2 hours ago

Crews work to secure a gas leak near Frank Lloyd Wright Boulevard and 92nd Street on Monday, Dec. 1...

KTAR.com

Crews work to secure significant gas leak, restricting traffic in Scottsdale

Traffic was restricted Monday morning on a major Scottsdale through street while crews worked to fix a significant gas leak, authorities said.

4 hours ago

Follow @suelenrivera...

SuElen Rivera

Tickets for ‘Hamilton’ at ASU Gammage in Tempe go on sale

Show tickets to see the Broadway sensation musical "Hamilton" in the summer in Tempe's ASU Gammage went on sale Monday.

5 hours ago

Photos of a secret compartment found in a vehicle stopped in Marana, Arizona, and some of the drugs...

KTAR.com

Arizona DPS troopers find fentanyl, cocaine, heroin hidden in secret compartment

Arizona state troopers arrested two people after finding more than 30 pounds of illegal drugs during a traffic stop last week.

6 hours ago

Sponsored Articles

...

Dierdre Woodruff

Interest rates may have peaked. Should you buy a CD, high-yield savings account, or a fixed annuity?

Interest rates are the highest they’ve been in decades, and it looks like the Fed has paused hikes. This may be the best time to lock in rates for long-term, low-risk financial products like fixed annuities.

Follow @KTAR923...

The 2023 Diamondbacks are a good example to count on the underdog

The Arizona Diamondbacks made the World Series as a surprise. That they made the playoffs at all, got past the Milwaukee Brewers in the NL Wild Card round, swept the Los Angeles Dodgers in the NLDS and won two road games in Philadelphia to close out a full seven-game NLCS went against every expectation. Now, […]

...

Desert Institute for Spine Care

Desert Institute for Spine Care (DISC) wants to help Valley residents address back, neck issues through awake spine surgery

As the weather begins to change, those with back issues can no longer rely on the dry heat to aid their backs. That's where DISC comes in.

Providence Real Estate Group purchases office building in Scottsdale Airpark