{"id":1004113327,"date":"2015-02-13T06:26:51","date_gmt":"2015-02-13T14:26:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004113327"},"modified":"2022-12-07T04:04:16","modified_gmt":"2022-12-07T12:04:16","slug":"equus-trades-office-complex-in-scottsdale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/equus-trades-office-complex-in-scottsdale\/","title":{"rendered":"Equus Trades Office Complex in Scottsdale"},"content":{"rendered":"<p><em>By Anna Spiewak, Senior News Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/EQUUS.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004113337\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/equus-trades-office-complex-in-scottsdale\/equus-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/EQUUS.jpg\" data-orig-size=\"1431,673\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"EQUUS\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/EQUUS.jpg?w=1024\" class=\"alignright size-medium wp-image-1004113337\" alt=\"EQUUS\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/EQUUS.jpg\" width=\"300\" height=\"141\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/EQUUS.jpg 1431w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/EQUUS.jpg?resize=300,141 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/EQUUS.jpg?resize=768,361 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/EQUUS.jpg?resize=1024,482 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/em><\/p>\n<p>Equus Capital Partners has made a return on investment from one of its Scottsdale properties, and is now passing the buck to a new owner.<\/p>\n<p>The private-equity real estate manager has sold Lincoln Towne Centre, a 226,112-square-foot, two-building property at N. Drinkwater Blvd. in downtown Scottsdale to Transwestern Strategic Partners for $58.8 million.<\/p>\n<p>Equus&#8217; value-add fund, BPG Investment Partnership IX, of Philadelphia bought the property in 2012 for\u00a0$34.25 million, or $153.17 per square foot, from Lincoln National Life Insurance\u00a0Co.,\u00a0according to the Phoenix Business Journal.<\/p>\n<p>&#8220;Lincoln Towne Centre was a classic value-add office investment for our firm,&#8221; said Jonathan Praw, VP &amp; head of West Coast Operations for Equus Capital Partners said in a news release. &#8220;When we acquired the complex, it was just 67 percent leased, while the submarket vacancy rate was in themid-20-percent range. We were able to quickly improve occupancy to 99 percent at the time of the sale and benefitted fromthe 30-percent increase in downtown Scottsdale rental rates.&#8221;<\/p>\n<p>Located at the intersections of Drinkwater Boulevard and Indian School Road, Lincoln Towne Center\u00a0was built in 1999 and consists of two five-story office towers with four-level below-grade parking.\u00a0The asset is close to Scottsdale Fashion Square, the Scottsdale Waterfront development and the W Hotel.<\/p>\n<p>Half of the asset is occupied by investment-grade tenants including CNA, Catlin and EMC2.<\/p>\n<p>Lincoln Towne Center is one of two properties that Equus owned in Scottsdale. In 2008, its \u00a0affiliate \u00a0BPG Investment Partnership VIII LP acquired Scottsdale Financial Plaza I, located about a half mile from Lincoln Towne Centre.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Equus Capital Partners has made a return on investment in a Scottsdale property, and is now passing the buck to a new owner.<\/p>\n","protected":false},"author":952,"featured_media":1004113337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747],"tags":[],"class_list":["post-1004113327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Equus Trades Office Complex in Scottsdale - 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