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
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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.
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