SCOTTSDALE, ARIZ. — BPG Properties Ltd., on behalf of BPG Investment Partnership VIII and VIII A L.P., has purchased Scottsdale Financial Center I, a 104,949-square-foot office building located in Scottsdale, for $19 million. The company has a $3 million renovation planned for the property, which is located at the corner of Scottsdale and Indian School roads. The capital improvement program includes renovating the common areas, including the lobbies, entrances, restrooms, corridors and landscaping, as well as the building’s HVAC and security systems. At the time of acquisition, the property was 75 percent occupied. Andrew White and Gardner Ellis provided in-house representation for the buyer; Jim Fijan and Jerry Roberts of CB Richard Ellis represented the undisclosed seller in the transaction. Don Mudd, Jason Moore, Brett Abramson and John Bonnell of Grubb & Ellis|BRE Commercial have been named exclusive leasing agents for the property.
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