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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.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., 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, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition