Desert Real Estate Holdings, part of Reddy Development, acquired the 14k SF flex building at 16655 North 90th St, which is in Scottsdale’s McDowell Mountain Ranch area. The seller was Cabral Holdings. Jim Lieberthal of Cutler Commercial repped the buyer, while Colliers International's Greg Hopley repped the seller.
Greg told the Phoenix Business Journal that the buyer was interested because it owns the building next door, and the deal would be a strategic purchase to lock down the site for possible future development. Reddy/Desert specializes in developing shopping centers and other commercial properties in Arizona, but also Idaho, Hawaii and California. [PBJ]
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