Scottsdale Office Complex Trades for $53M
ByA joint venture of Equus Capital Partners Ltd. and iStar Inc. has acquired McDowell Mountain Business Park, a Class A office complex in Scottsdale, Ariz., for $53.2 million. Mesa West Capital has funded a $42.6 million mortgage debt for the purchase of the asset. The property was sold by RAIT Financial Trust. CBRE led the negotiations between the buyer and the seller and arranged the loan from Mesa West Capital.
Located at 16425 and 16552 N. Prima Road, the McDowell Mountain Business Park office complex is made up of two identical three-story office buildings totaling approximately 255,573 rentable square feet. At the time of sale, the occupancy rate was 74 percent. Built in 2006 and 2007, the property features upscale finishes and floor plates that allow for maximum flexibility in layout and design…
