September 4, 2019
Strategic Office Partners closed its fourth Phoenix-area investment within the past four months. The local buyer paid $71 million to a venture formed by Equus Capital Partners Ltd. for the 255,573-square-foot McDowell Mountain Business Park office project near Loop 101 and Frank Lloyd Wright Boulevard in Scottsdale, AZ. Barry Gabel, Chris Marchldon and Will Mast with CBRE brokered the deal.
The asset consists of two, three-story structures. The Vanguard Group is the tenant at the 127,787-square-foot facility at 16425 N. Pima Rd.; Early Warning Services LLC occupies 127,786 square feet at 16552 N. 90th St. The buildings are situated on 14.2 acres, and delivered in the mid-2000s.
The buyer has averaged one Phoenix-area deal per month. The most recent transaction, which closed in July, involved a $21.8 million investment to assume the leasehold interest in a 97,504-square-foot office building at 2045 E. Innovation Circle, in Tempe.
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