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Equus Grabs Back-Office Portfolio for $34M After Lengthy Pursuit

PHOENIX-Equus Realty Advisors LLC lays down $34.3 million for Northgate Business Center and Blackhawk Corporate Center, 250,808-sf of class A, back-office space in three buildings. The new owner eyes gains that can be made from lease-up and rent hikes.

By Jennifer D. Duell | Updated on July 08, 2005

PHOENIX-After chasing the deal more than nine months, an affiliate of Equus Realty Advisors LLC finally has taken possession of a 250,808-sf, class A, back-office portfolio for $34.3 million.

The two-property portfolio in the Deer Valley submarket was sold by the San Francisco-based Rreef. “It was a competitive deal. We had to work hard to get the go ahead on it,” says Mykel Sprinkles, head of investor relations for Equus. The package consists of the 136,998-sf Northgate Business Center, a single building at 20401 N. 29th Ave., and 113,810-sf Blackhawk Corporate Center, two structures at 2902-3010 W. Agua Freeway.

Northgate Business Center is fully leased to national credit tenants, with Cox Communications as the lead. Its lease rolls in April 2007, according to Sprinkles. Blackhawk Corporate Center was 69% leased when it went under contract, but 21,000 sf in two leases were signed during escrow to bump occupancy to 85%, he says. Key Mortgage and D&M Marketing Inc. are the newcomers for the roster.

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