FOR IMMEDIATE RELEASE
September 12, 2007 |
Contact:
Todd Backus
Blue Horse & Trumpet
P: (619) 955-7766
E: todd@bhandt.com |
Equastone Sells Two Class A Office Properties in Phoenix for $51.3 Million
San Diego, CA – Equastone, a private real estate investment firm, announced today the sale of two Class A office properties located in the Deer Valley submarket of Phoenix, Arizona. The properties include Northgate Business Center, a 138,540-square-foot, one-story office building, and Blackhawk Corporate Center, two one-story office buildings totaling 113,810 square feet. Argus Realty Investors, L.P. acquired the properties for $51.35 million. Equastone was represented in the transaction by Chris Toci from Cushman & Wakefield of Arizona.
Chad Carpenter, Equastone’s CEO, said, “We purchased these properties two years ago for $34.2 million when they were approximately 62 percent leased, just as Phoenix was beginning to rebound from a period of high vacancy. Through an aggressive leasing program we were able to lease 110,000 square feet to achieve 100 percent occupancy. We were very pleased with the execution of the business plan and the results of this investment.”
Ron Lack, Executive Vice President of Equastone stated, “Mike Sayre and Tim Whittimore of Cushman & Wakefield did a great job on marketing the properties and CBRE did an excellent job handling property management.”
About Equastone
Equastone currently owns 57 office and flex buildings encompassing more than 9.1 million square feet throughout the United States and intends to acquire $1 billion of new investments this year. Equastone has offices in San Diego, Denver, Houston and Dallas, and owns properties in California, Arizona, Colorado, Georgia, Louisiana, Nevada, Oregon and Texas.
Equastone is a real estate investment firm specializing in the opportunistic acquisition and asset management of value-added real estate. Equastone manages investment capital on behalf of Equastone Real Estate Funds, which are private equity funds for high net-worth and institutional investors. For more information about Equastone, call Mykel Sprinkles at (858) 812-3261 or visit www.equastone.com.
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