Equus Capital Partners, Ltd. recently expanded its Scottsdale footprint with the $44.1 million acquisition of two Class A office properties, 92 Mountain View and Scottsdale Gateway I. Totaling 223,131 square feet of space, the two-story buildings had a 96 percent occupancy rate under the previous ownership of TR Scottsdale Gateway I and TR Mountain View Corporation.
According to data from PropertyShark.com, Scottsdale Gateway I was built in 1997 and encompasses roughly 107,000 square feet. Its tenants include Matrix Medical Network, Grand Canyon University, Scottsdale Healthcare Rehabilitation Center, SimonMed Imaging and Q Vision. Also completed in 1997, 92 Mountain View encompasses 116,200 square feet and is fully leased to CVS Caremark.
The acquisition is Equus Capital’s third in Scottsdale. In 2008, the company purchased Scottsdale Financial Center I, a 106,000-square-foot office project, on behalf of BPG Investment Partnership VIII L.P. Four years later, it acquired the Lincoln Towne Centre for $34.3 million (or about $153 per square foot).
“We are pleased to add these two well-leased, Class A office properties to our existing Scottsdale portfolio,” said Jonathan Praw, vice president & head of Equss Capital’s west coast regional office, in a statement. “This investment presents the opportunity to acquire institutional grade assets at an attractive basis in a strong infill location.”