CBRE has negotiated the sale of two premier class A office buildings in the Phoenix metro area for a total consideration of $44.15 million. The sale included the ±106,931-square-foot Scottsdale Gateway I, located at 9201 E. Mountain View Rd. in Scottsdale, and the ±116,200-square-foot 92 Mountain View, located at 10001 N. 92nd St. in Scottsdale.
Barry Gabel and Chris Marchildon with CBRE’s Phoenix office, along with Kevin Shannon, Ken White and Michael Moore in CBRE’s Los Angeles office, brokered the transaction between the sellers, TR Scottsdale Gateway I Corp. and TR 92 Mountain View Corp., and Equus Capital Partners, Ltd. of Los Angeles. Jenifer Ratcliffe and Erin Curry with Chicago-based LPC Realty Advisors, as well David Krumwiede locally, were also involved in the transaction on behalf of the seller. Equus Capital Partners purchased the properties for a total consideration of $44.15 million.
Bryan Taute with CBRE’s Phoenix office has been awarded the marketing and leasing. Equus Capital Partners has also retained CBRE to handle property management.
“We are pleased to add these two well-leased, class A office properties to our existing Scottsdale portfolio,” said Jonathan Praw, vice president and head of Equus Capital Partner’s West Coast Regional Office, who oversaw the transaction for the firm, “This investment presents the opportunity to acquire institutional grade assets at an attractive basis in a strong infill location.”
“Interest in these two assets was exceptionally high given their strong leasing history. Both properties are located in a dynamic infill location and each has averaged 90 percent occupancy for the past ten years due to being surrounded by strategic economic engines such as Scottsdale Healthcare’s Shea Medical Campus and the CVS Caremark Corporate Campus,” said CBRE’s Gabel. “In addition, the properties are both in excellent condition, boast exceptional parking and are adjacent to abundant retail services and the Loop 101 Freeway.”
Built in 1998, Scottsdale Gateway I is a two-story, class A office building located directly across from the ±433-bed Scottsdale Healthcare Hospital and Medical Campus. The property is 91 percent leased to five, high-quality tenants, including Matrix Medical Network, Grand Canyon University, Scottsdale Healthcare Rehabilitation Center, SimonMed Imaging and Q Vision. Each of the tenants benefits from its proximity to a major hospital and medical campus.
Built in 1996, 92 Mountain View is also a two-story, class A office building with proximity to Scottsdale Healthcare Hospital and Medical Campus. The property is fully leased to CVS Caremark, the largest pharmacy healthcare provider in the United States and Scottsdale Healthcare Foundation headquarters, a group of world class medical centers within Metropolitan Phoenix.
Both properties benefit from surrounding amenities including dining, shopping, golf resorts and executive housing, as well as close proximity to the Loop 101 Freeway.