Equus Sells Renovated Scottsdale Financial Center
Equus Capital Partners sold the 107k SF Scottsdale Financial Center to Alternative Investments & Manager Selection Real Estate Group, an investment unit of Goldman Sachs, for a reported $28.5M. The Philly-based investor had owned the property since 2008, and more recently spent about $3M to renovate the 1983-vintage building. It's now 93% occupied.
“Scottsdale Financial Center had been virtually untouched since it was built and needed a complete overhaul, including building exteriors, roofs, elevators, common areas and landscaping,” says Equus VP and head of West Coast operations Jonathan Praw. “When we acquired the complex, it was just 68% leased. After renovations, we were able to improve occupancy and take advantage of the strong tenant demand in Old Town Scottsdale."