SCOTTSDALE, AZ. –– Equus Capital Partners, Ltd. (Equus), one of the nation’s leading private equity real estate fund managers, announced the sale of Lincoln Towne Centre, a two building property totaling 226,112-square-feet located at 4150-4250 N Drinkwater Boulevard in downtown Scottsdale, Arizona. Acquired by Transwestern Strategic Partners on behalf of its TSP Value and Income Fund for $58,850,000 ($260 PSF). Transwestern Strategic Partners is the discretionary investment management arm of Transwestern Investment Group based in Dallas, TX.

Situated at the intersection of Drinkwater Boulevard and Indian School Road, Lincoln Towne Center provides easy access to the Loop 101 and is directly across from the Scottsdale City Hall. It is also in close proximity to the nearly two million square foot Scottsdale Fashion Square, the Scottsdale Waterfront development and the W Hotel, providing a 24/7 environment within walking distance to numerous retail amenities, restaurants, hotels and condo and apartment homes. The property also features a rare, four-level subterranean parking structure allowing for a parking ratio of 4.1 spaces per 1,000 square feet. Nearly half of the property is occupied by investment grade tenants including CNA (S&P: A), Catlin (S&P: A) and EMC2 (S&P: A).

Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer of Cushman & Wakefield of Arizona represented the seller in the disposition.

The acquisition of Lincoln Towne Centre in February 2012 was the first asset acquired by Equus Capital Partners on behalf of its value-add fund, BPG Investment Partnership IX, L.P. “Lincoln Towne Centre was a classic value-add office investment for our firm”, said Jonathan Praw, Vice President and Head of West Coast Operations for Equus Capital Partners, Ltd. while adding “When we acquired the complex it was just 67% leased while the submarket vacancy rate was in the mid-20% range. We were able to quickly improve occupancy to 99% at the time of sale and benefited from the 30% increase in Downtown Scottsdale rental rates.” Mr. Praw oversaw the acquisition, reposition, and disposition efforts.

To learn more Toci, Littell, Noble, Devine and Mayer can be contacted at the Cushman & Wakefield office at 602.253.7900.

TEMPE, AZ – Cushman & Wakefield of Arizona, Inc. negotiated the $11.4 million ($59 PSF) sale of a former electronics manufacturing/warehouse building at 615 S. River Dr in Tempe, AZ.

The 193,000-square-foot property was built in 1982, expanded in 1994 and expanded again in 1997. It includes 176,000 square feet of fully air-conditioned manufacturing and warehouse space and 17,000 square feet of office space. It sits on 16.5 acres with direct frontage on the Loop 101 and close proximity to the Scottsdale and Chandler submarkets.

“EverWest Real Estate Partners and CarVal Investors will reposition the property as creative office space and will fill the void felt by the many tech-related users in the market seeking modern, collaborative office environments with above-standard parking,” said Chad Littell.

“We are excited about the opportunity this building will bring to the market. Upon completion of the renovations, the property will offer high-tech creative office space with a 7:1 parking ratio in a thriving and high-demand large user market,” said Curt Kremer, Managing Director – Acquisitions with EverWest Real Estate Partners.

Littell, Chris Toci, Jackie Orcutt and John Grady of Cushman & Wakefield of Arizona collaborated with John Boyd of Signature Associates in Michigan, a Cushman & Wakefield affiliate, and Tim Callahan of Cushman & Wakefield Florida, to represent Jabil. The buyers are EverWest Real Estate Partners and CarVal Investors. Jerry Noble, Ryan Bartos and Orcutt of Cushman & Wakefield will be retained to handle the leasing.

St. Petersburg, Fla.-based Jabil announced it would close the facility last September. Jabil moved into the building in 2005 when it took over an electronics manufacturing business.

To learn more Littell, Toci, Orcutt, Bartos and Grady can be reached at the Cushman & Wakefield office in Phoenx at (602) 253-7900.

Phoenix – An affiliate of KBS Realty Advisors of Newport Beach, Calif. (Peter Bren, Charles Schreiber, Jr. co-founders) paid $85.1 million ($252.57 per foot) to purchase the Anchor Centre office complex located at the southeast corner of Camelback Road and 22nd Street in Phoenix.

The 336,939-square-foot project was acquired by KBSIII Anchor Centre LLC, a company formed by KBS Real Estate Investment Trust III Inc. The REIT is externally advised by KBS Capital Advisors, LLC, an affiliate of KBS Realty Advisors. The seller was AG/DWC Anchor Centre LLC, a joint venture formed by Angelo, Gordon & Co, LP in New York City, N.Y. (John Angelo, Michael Gordon, partners) and David Warren of DW Capitla Parners, LLC in Phoenix.

The deal was brokered through Chris Toci of Cushman & Wakefield of Arizona, Inc. in Phoenix, and Mike Beall and Chris Walker of Cassidy Turley in Phoenix.

Anchor Centre is comprised of a 6-story, 200,576-square-foot structure at 2201 E. Camelback Road and a 4-story, 136,363-square-foot building at 2231 E. Camelback Road. Maricopa County records show the buyer acquired the office property with a $53.2 million loan from U.S. Bank. The two-building project, which was built in 1984 and 1986, is 78 percent occupied. The leasing has been handled by Beall and Walker and the Cassidy Turley agents are expected to keep that assignment.

The purchase price is almost $100 more per foot than the seller paid for the property 3½ years ago.

KBS Realty is a long time investor in the Valley office market. Over the past 15 years, the company and its affiliates have bought and sold several hundred millions of dollars worth of office space in the Phoenix area. KBS Realty is interested in additional office investments in the Phoenix as well as other major employment growth markets in the U.S. Anchor Centre is the third Camelback Road office property that has sold in the past 18 months.

Advisors regional pres. is Rodney Richerson, call him at (949) 417-6500. The contact at Angelo, Gordon is Will Abbate, who can be reached at (310) 777-5445. Contact Warren at (602) 810-8494.

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