Newmark Arranges Sale of Medical Office Project in Scottsdale, Arizona for $11 Million

July 11, 2024 12:00 PM

Newmark announces it has arranged the sale of 90 Mountain View I, a three-story 91,082 square-foot, Class A office and medical office project located at 9977 North 90th Street in Scottsdale, Arizona, a submarket of Phoenix. The asset sold for $11,000,000.

Newmark Executive Managing Directors Barry Gabel, Chris Marchildon and CJ Osbrink represented the seller, Regent Properties[BG1] .

“The sale of 90 Mountain View I is a testament to the strength and resilience of the office and medical office market in Metropolitan Phoenix,” said Gabel. “We continue to see robust demand for well-located, high-quality office and medical office properties. This transaction highlights the confidence investors have in the long-term growth and stability of this region.”

Located in the vibrant “Scottsdale Cure Corridor,” 90 Mountain View I is a LEED and Energy Star Certified property and is within walking distance of the 427-bed HonorHealth Scottsdale Shea Medical Center. The property was 86% leased at the time of sale.

Built in 2000 and situated on a 3.32-acre site, the property offers abundant parking at 4.33 spaces per 1,000 square feet in subterranean, surface and in an adjacent parking structure.

[BG1]Scottsdale Cure Corridor

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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