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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