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Equus, iStar JV Acquires Scottsdale Complex for $53.1M

Equus Capital Partners, Ltd. and iStar Inc. formed a joint venture for the $53.1-million acquisition of McDowell Mountain Business Park in Scottsdale, AZ. Mesa West Capital funded $42.6 million in first mortgage debt for the acquisition of the project. The venture acquired the REO property from RAIT Financial Trust.

The Class A office complex includes two identical three-story office buildings totaling more than 255,000 square feet at 16425 and 16552 N. Pima Rd. McDowell Mountain Business Park was built in 2006 and 2007, and was 74% leased to a diverse group of tenants. The property is situated in a central location on the Loop 101, just north of Frank Lloyd Wright Blvd.

“Equus and iStar are strong sponsors with a demonstrated track-record in the Scottsdale submarket,” said Mesa West’s Jason Bressler, who originated the financing. CBRE’s Bryan Taute, Jim Fijan and Will Mast represented the buyer and seller.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition