9/27/2007

Argus acquires three Phoenix office properties for $51.3 million

by

Northgate Business Center

Argus Realty Investors has acquired three office properties in the Deer Valley market of North Phoenix for $51.3 million from Equastone in a deal brokered by Chris Tocci, executive director of Cushman & Wakefield's Capital Markets Group in Arizona.

"These are 100 percent leased Class A back office properties with a Class A location," Tocci said. "Blackhawk has outstanding visibility with 1,100 linear feet of frontage on Loop 101, the Agua Fria Freeway."

The Northgate Business Center is located at 2001 N. 29th Ave., and contains 138,450 square feet. It was purchased from Equastone Northgate LLC and is 100 percent leased to tenants like PetsMart and Cox Communications.

The Blackhawk Corporate Center consists of two properties on 24 acres - 2902 and 3010 W. Agua Fria Freeway. The two buildings total 113,810 square feet and were purchased from Equastone Blackhawk LLC.

The two buildings are also fully leased to GMAC Financial Services, All State Insurance Co., Fireside Bank and Syntel, Inc.

The three properties were built in 1997 and 1999.

Argus specializes in acquiring institutional-grade stabilized and value-added office and industrial properties for individual and institutional investors.

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.

Cushman & Wakefield is one of the world's largest commercial real estate services firms with 201 offices in 55 countries.

Carlsbad, Calif-based Real Capital Markets provided the digital marketing solution for this transaction.

Address: Northgate Business Center at 2001 N. 29th Ave. and Blackhawk Corporate Center at 2902 and 3010 W. Aqua Fria Freeway, both in Phoenix, Ariz.

Size: 252,350 square feet

Built: 1997 and 1999

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Filed Under: Office

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