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8/06/20
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Two office buildings totaling 223.2k sf of space in the northern part of Scottsdale, AZ were sold by Equus Capital Partners in separate deals worth a combined $46.2 mil. Both buildings are adjacent to the HonorHealth Scottsdale Shea Medical Center, a 433-bed, full-service acute care hospital, which is the eighth largest employer in the state.
One of the properties, Scottsdale Gateway I, sold for $27 mil and is anchored by HonorHealth and SimonMed Imaging. The 107k sf ($252/sf) medical office building is currently 96% occupied. A large parcel and ample parking offer a future development opportunity on the site.
92 Mountain View, Scottsdale |
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The other property, 92 Mountain View, was purchased for $19.2 mil by Exeter Property Group. The 116.2k sf ($165/sf) asset is 89% leased to CVS Health and shares fiber connectivity with the main CVS Caremark campus, which is proximate to the property.
Located in the premier submarket of Phoenix, the portfolio is walking distance to the more than 1.4 msf of upscale shopping and dining options and provides excellent accessibility via the Loop 101.
Ben Geelan, Andrew Milne and Michael Leggett with JLL Capital Markets represented Equus in the transactions. Additionally, JLL’s John Chun and Tim Brousse advised from a debt and structured finance perspective. Exeter was repped by John DiVall, who oversees the Southwestern U.S. for the company.
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