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Equus Cuts $39 per SF Deal for Chandler Financial Center

CHANDLER, AZ-Equus Realty Advisors pays 67% below replacement cost for the 103,914-sf Rocky Mountain Financial Center in a market with a 30% office vacancy. More buys are coming, thanks to a $300-million coffer targeting California and Arizona.

By Joel Cone | Updated on April 02, 2002

CHANDLER, AZ-Equus Realty Advisors based in La Jolla, CA has purchased the Rocky Mountain Financial Center from Van Kampen Funds in a transaction valued at $4.1 million.

Located at 25 South Arizona Place, the 103,914-sf, class A office building brought $39 per sf or 67% below the estimated $120 per sf replacement cost for the five-story structure. Built in 1988, the building currently is 84% vacant.

“What’s exciting is that the price per sf is probably the lowest in all of Arizona for a building in excellent condition. It sets a new low bar for property values in the southeast market,” says Chad Carpenter, Equus president. “The vacancy rate is about 30% in the Chandler office market right now, which is one of the reasons why we could buy for such a low price.” He tells GlobeSt.com that four leases for a total 10,000 sf are pending. “Things are all of a sudden picking up. We’re hoping to find some bigger users for the larger floors,” he adds.

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