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Dino Prato's Envita Medical Centers Acquire Scottsdale Office Building For $15.99M

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SOLD
$15,990,000

Arizona

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Office128,998 SF
Sold 10/24/2023
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SOLD

Dino Prato's Envita Medical Centers Acquire Scottsdale Office Building For $15.99M

16552 North 90th Street

See Similar Deals
Office128,998 SF
Sold 10/24/2023
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Summary

ARIZONA
Asset Type:Office
Price Per Square Foot:$124
Total Square Footage:128,998 SF
Transaction Type:Sale

CBRE facilitated the sale of McDowell Mountain Business Park II, a three-story Class A office building located at 16552 North 90th Street in North Scottsdale. The property spans 128,998 square feet and was sold for a total price of $15,990,000, resulting in a price per square foot of $124.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $15,990,000
  • Address: 16552 North 90th Street, Scottsdale, AZ
  • Market: Scottsdale, AZ
  • Buyer: Dino Prato - Envita Medical Centers
  • Seller: Peter M. Tubesing - Strategic Office Partners
  • Buyer's Rep: Bob Kling - Lee & Associates
  • Seller's Rep: Geoffrey Turbow - CBRE
  • Square Footage: 128,998
  • Price Per Square Foot: $124

The sale was orchestrated by CBRE, with Geoffrey Turbow from CBRE representing the seller, Peter M. Tubesing of Strategic Office Partners, and Bob Kling from Lee & Associates serving as the buyer's representative for Dino Prato of Envita Medical Centers. The transaction marked a significant deal in the Scottsdale office market.

Players

Geoffrey Turbow
11 deals$196.2M volume
BROKER

Robert (Bob) Kling
Lee & Associates
1 deal$16M volume(602) 954-3751
BROKER

SELLER

Details

SOLD
IMAGE: Dino Prato, Peter M. Tubesing & Geoffrey Turbow DATE: 10/24/2023 ADDRESS: 16552 North 90th Street MARKET: Scottsdale, AZ ASSET TYPE: Office BUYER: Dino Prato - Envita Medical Centers SELLER: Peter M. Tubesing - Strategic Office Partners BUYER'S REP: Bob Kling - Lee & Associates SELLER'S REP: Geoffrey Turbow - CBRE SALE PRICE: $15,990,000 SF: 128,998 ~ PPSF: $124 NOTE: CBRE facilitated the $15.99 million sale of McDowell Mountain Business Park II, a three-story Class A office building in North Scottsdale at 16552 North 90th Street.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$852,799.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$56,809.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$75,800.76
Annual Debt Service$909,609.09