Alex. Brown, Pivot JV Grabs Another Retail Asset in Phoenix
- Oct 21, 2015
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