Space in the 202 East Earll Dr. building will be sold for roughly $165 per sf, including build-out. As part of the conversion, the La Jolla, CA-based Equus Realty is adding a parking deck to the property to provide an overall parking ratio of 4.2 spaces per 1,000.
Mykel Sprinkles, Equus' investor relations director, tells GlobeSt.com that the firm started to explore a condo conversion in January. Tina Burger and Angie West of Scottsdale-based Shea Commercial LLC will handle the marketing for the 19-year-old building, which will have individual suites and entire floors for sale. Mittelstaedt Cooper Associates Ltd. of Phoenix is designing the conversion.
Equus Realty has owned the building since 2003. It currently is 73% leased.
Sprinkles says no condos have been pre-sold, but several letters of intent have been signed. According to Equus, comparable projects are fetching more than $200 per sf for shell space.
In addition to Earll Professional Office Condominiums, Equus' other Valley holdings are Security Title Plaza at 3636 N. Central Ave.; Valley Commerce Center at 4745 to 4747 N. 7th St.; and McCormick Ranch Center at 9318 and 9332 95th Way. According to the company, it plans to invest up to $50 million into the area.
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