Golden Triangle Redevelopment Leads to $41.5M Sale
Equus Capital Partners Ltd. recently sold Walsh Bowers, a two office/R&D building portfolio totaling 108,459 square feet to an affiliate of GI Partners for $41.5 million. The property consists of two parcels totaling 6.31 acres in the Golden Triangle. The Walsh Bowers buildings were built in 1975 and 1980.
“At the time of our 2017 acquisition, we envisioned this investment as a classic covered land play, and as a result, sought to maintain short-term occupancy to generate current income while limiting lease terms to unencumber the land parcels to enable a successful redevelopment and capture significant density upside,” says Robert Butchenhart, vice president for Equus and manager for Equus’ West Coast office, who along with Christopher Locatell, senior vice president/director of dispositions, oversaw the transaction for the firm.
The sale was made on behalf of Equus Investment Partnership X LP, a $361 million discretionary equity fund managed by Equus.
Tim Guarnieri of Newmark Knight Frank represented the buyer and Eric Fox, Steve Hermann and Seth Siegel of Cushman & Wakefield represented Equus in the transaction.