Alex. Brown, Pivot JV Grabs Another Retail Asset in Phoenix

Another week brings another retail deal to the Valley of the Sun.
Tom Burton of Alex. Brown Realty

Tom Burton of Alex. Brown Realty

A mere week after acquiring a 106,656-square-foot retail center in Scottsdale, Ariz., a joint venture between Alex. Brown Realty Inc. and Pivot Development has added another asset to its Phoenix portfolio.

On October 19, the venture announced it had acquired the 94,379-square-foot North Mountain Village retail center in north Phoenix. Alex. Brown’s ABR Chesapeake Fund IV invested $3.5 million in the joint venture.

“The center represents an attractive value-add opportunity,” Tom Burton, ABR’s chief investment officer, said in a statement. “With targeted improvements and Pivot’s extensive retail experience in the Phoenix area, we anticipate outstanding results for our investors.”

Baltimore-based Alex. Brown, together with Pivot, plans to complete targeted capital improvements to the center, which will include façade renovations, roof repairs, and new signage. The 29-year-old retail center was last renovated back in 2006.

Image courtesy of Tom Burton via LinkedIn