JLL Brokers $46M Office Portfolio Sale in Scottsdale
- Aug 07, 2020
JLL has finalized the $46.2 million disposition of a two-property portfolio totaling 223,249 square feet of office space in Scottsdale, Ariz. Equus Capital Partners, a private real estate investment manager, sold 92 Mountain View to Exeter Property Group and Scottsdale Gateway I to Healthpeak Properties, according to Yardi Matrix.
Managing Director Andrew Milne, Director Ben Geelan and Senior Managing Director Michael Leggett negotiated on behalf of the seller, while Managing Director John Chun and Director Tim Brousse advised on the debt and structured finance aspects of the deal. Exeter Property Group Principal John DiVall assisted the company in-house.
Scottsdale Gateway I, spanning 107,049 square feet, is located at 9201 E. Mountain View Road and was built in 1997. Healthpeak Properties paid $27 million for the asset, which was 96 percent leased at the time of sale. The building is home to HonorHealth and SimonMed Imaging. The 9-acre parcel and abundant parking provide an opportunity for a future development on the site.
Located at 10001 N 92nd St., 92 Mountain View was completed in 1997. Exeter Property Group paid $19.2 million for the property, which measures 116,200 square feet and is 89 percent leased to CVS Health. CIT Bank provided the buyer with a $26.7 million loan, which also encumbers a 64,500-square-foot office building in Charlotte, N.C., Yardi Matrix shows.
In January, Geelan and Leggett closed the $212 million sale of Biltmore Center, a landmark office property encompassing 643,145 square feet in Phoenix. The duo represented the seller, a partnership between ViaWest Group and Prospect Ridge.