A joint venture between GE Real Estate and The Muller Co. has purchased a trio of Class-A office buildings west of Scottsdale, Ariz. The Pointe at Squaw Valley consists of 425,000 sq. ft. of rentable office space. GMAC sold the property for $28 million, or roughly $65 per sq. ft.
The property will undergo an $8 million renovation and marketing campaign under the new owners, who will also rename the property “The Plaza at Squaw Peak.” The name stems from its location in the Squaw Peak corridor outside of Phoenix.
"The goal for this joint venture is to build a strong, diversified office property equity portfolio in markets we believe will fully recover over the next 3-5 years,” says Christian Garner, western region manager for GE Real Estate.
The GE/Muller joint venture plans to buy other properties in the Western U.S. Steve Muller of The Muller Co. says GE gives Muller the “flexibility to pursue unorthodox and complicated deals” as a team.
"We think of GE not only as our partner but as our family,” he says. “Our relationship with the professionals at GE is highly valued.”