Equus Capital Sells Scottsdale, Arizona, Offices for $46 Million

Article originally posted on CoStar on August 12, 2020

Scottsdale Gateway I sold for $252.50 per square foot. (CoStar)

Private equity real estate fund manager Equus Capital Partners sold two offices to separate buyers for a total of $46.2 million in Scottsdale, Arizona, one of greater Phoenix’s most popular corporate destinations.

Equus sold the 107,049-square-foot Scottsdale Gateway I at 9201 E. Mountain View Road for $27 million. It is anchored by HonorHealth Scottsdale Shea Medical Center and SimonMed Imaging, and sits on land that has room for future development, according to brokerage Jones Lang LaSalle Capital Markets, which represented Equus. The sale price at $252 a square foot sits above the area’s market sale price of about $218 a square foot, according to CoStar.

Real estate investment management firm Exeter Property Group paid $19.2 million to Equus for nearby 92 Mountain View, a 116,200-square-foot low-rise office at 10001 N. 92nd St. The building is 89% leased to CVS Health and shares fiber connectivity with the main CVS Caremark campus, which is near the property, according to JLL. The sale price of $165 a square foot falls below the area’s market price.

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