BALTIMORE--(BUSINESS WIRE)--Alex. Brown Realty, Inc. (ABR) and Pivot Development announce the acquisition of North Mountain Village, a 94,379 sf retail center in north Phoenix, Arizona. ABR Chesapeake Fund IV, a value-add real estate fund sponsored by ABR, invested $3.5 million in the joint venture.
North Mountain Village is located within the North Phoenix/I-17 Corridor at 35th Avenue and Thunderbird Road. Developed in 1986, the center was last renovated in 2006. The joint venture plans to complete targeted capital improvements intended to provide a refreshed curb appeal and improve leasing prospects. Improvements include façade renovations, roof repairs, and new signage, among others.
“The center represents an attractive value-add opportunity,” said Tom Burton, ABR’s chief investment officer. “With targeted improvements and Pivot’s extensive retail experience in the Phoenix area, we anticipate outstanding results for our investors,” added Burton. ABR and Pivot recently partnered on the acquisition of Papago Marketplace located in southern Scottsdale within the McDowell Road Corridor, which will undergo a complete redevelopment and modernization.
Alex. Brown Realty, Inc. (ABR) is a privately owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com
Pivot Development is a Phoenix-based, full service real estate investment, development and management company that focuses on office, retail, industrial and residential opportunities.
