BPG Pays $19M for Scottsdale Property

BPG Properties Ltd. has acquired Scottsdale Financial Center I  in Scottsdale, Arizona for $19 million and will invest $3 million to renovate lobbies, entrances, restrooms, corridors, landscaping, and building and security systems according to an article on crefeed.com.  The purchase was made on behalf of BPG Investment Partnership VII and VIII A, L.P., a private equity fund with commitments of $850 million.

The 104,949-square-foot office building, located at Scottsdale and Indian School roads, is 75 percent leased.  "The acquisition of Scottsdale Financial Center I provided us with the opportunity to acquire a well designed office building in the highly desirable Scottsdale submarket of Phoenix," said Andrew J. White, senior vice president of BPG and head of its Los Angeles regional office. "We plan to implement a multi-million-dollar improvement program to upgrade the property to a level commensurate with its Class A location."

The deal follows BPG's acquisition of Mesa Financial Plaza, where the company invested more than $3 million in capital improvements.

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