Providence Real Estate Group purchases office building in Scottsdale Airpark

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.

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