Scottsdale Office Portfolio Sells for $46.2 Million

JLL Capital Markets closed the sale of the properties to separate buyers

JLL Capital Markets announced today that it has completed the $46.2 million sale of a two-property office portfolio totaling 223,249 square feet in the northern part of Scottsdale, Arizona, on behalf of Equus Capital Partners.

Both buildings are adjacent to the HonorHealth Scottsdale Shea Medical Center, a 433-bed, full-service acute care hospital, which is the eighth largest employer in the state.

Scottsdale Gateway I sold for $27 million and is anchored by HonorHealth (Moody’s: A2) and SimonMed Imaging. The medical office building offers 107,049 rentable square feet and is currently 96% occupied. A large parcel and ample parking offer a future development opportunity on the site.

92 Mountain View was purchased for $19.2 million by Exeter Property Group. The 116,200 square foot asset is 89% leased to CVS Health (S&P: BBB) and shares fiber connectivity with the main CVS Caremark campus, which is proximate to the property.

Located in the premier submarket of Phoenix, the portfolio is walking distance to the more than 1.4 million square feet of upscale shopping and dining options and provides excellent accessibility via the Loop 101.

The JLL Capital Markets team representing the seller included Director Ben Geelan, Managing Director Andrew Milne from the National Healthcare Capital Markets Team and Senior Managing Director Michael Leggett. Additionally, Managing Director John Chun, who is a member of the National Healthcare Capital Markets Team, and Director Tim Brousse advised from a debt and structured finance perspective. Exeter was represented by John DiVall, who oversees the Southwestern U.S. for the company.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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