Tag Archives: Bryan Taute

CBRE sells two Class-A offices for $44M in Scottsdale

92 Mountain View, located at 10001 N. 92nd St. in Scottsdale.

92 Mountain View, located at 10001 N. 92nd St. in Scottsdale.

CBRE has negotiated the sale of two premier class A office buildings in the Phoenix metro area for a total consideration of $44.15 million. The sale included the ±106,931-square-foot Scottsdale Gateway I, located at 9201 E. Mountain View Rd. in Scottsdale, and the ±116,200-square-foot 92 Mountain View, located at 10001 N. 92nd St. in Scottsdale.

Barry Gabel and Chris Marchildon with CBRE’s Phoenix office, along with Kevin Shannon, Ken White and Michael Moore in CBRE’s Los Angeles office, brokered the transaction between the sellers, TR Scottsdale Gateway I Corp. and TR 92 Mountain View Corp., and Equus Capital Partners, Ltd. of Los Angeles. Jenifer Ratcliffe and Erin Curry with Chicago-based LPC Realty Advisors were also involved in the transaction on behalf of the seller. Equus Capital Partners purchased the properties for a total consideration of $44.15 million.

Bryan Taute with CBRE’s Phoenix office has been awarded the marketing and leasing. Equus Capital Partners has also retained CBRE to handle property management.

Scottsdale Gateway I, located at 9201 E. Mountain View Rd.

Scottsdale Gateway I, located at 9201 E. Mountain View Rd.

“We are pleased to add these two well-leased, class A office properties to our existing Scottsdale portfolio,” said Jonathan Praw, vice president and head of Equus Capital Partner’s West Coast Regional Office, who oversaw the transaction for the firm, “This investment presents the opportunity to acquire institutional grade assets at an attractive basis in a strong infill location.”

“Interest in these two assets was exceptionally high given their strong leasing history. Both properties are located in a dynamic infill location and each has averaged 90 percent occupancy for the past ten years due to being surrounded by strategic economic engines such as Scottsdale Healthcare’s Shea Medical Campus and the CVS Caremark Corporate Campus,” said CBRE’s Gabel. “In addition, the properties are both in excellent condition, boast exceptional parking and are adjacent to abundant retail services and the Loop 101 Freeway.”

Built in 1998, Scottsdale Gateway I is a two-story, class A office building located directly across from the ±433-bed Scottsdale Healthcare Hospital and Medical Campus. The property is 91 percent leased to five, high-quality tenants, including Matrix Medical Network, Grand Canyon University, Scottsdale Healthcare Rehabilitation Center, SimonMed Imaging and Q Vision. Each of the tenants benefits from its proximity to a major hospital and medical campus.

Built in 1996, 92 Mountain View is also a two-story, class A office building with proximity to Scottsdale Healthcare Hospital and Medical Campus. The property is fully leased to CVS Caremark, the largest pharmacy healthcare provider in the United States and Scottsdale Healthcare Foundation headquarters, a group of world class medical centers within Metropolitan Phoenix.

Both properties benefit from surrounding amenities including dining, shopping, golf resorts and executive housing, as well as close proximity to the Loop 101 Freeway.

Westgate Entertainment District

Terminix Bringing 300 Jobs to Glendale

iStar Financial announced today that Terminix, the world’s largest pest control provider, will open a new customer care center at Westgate Entertainment District in October that will bring as many as 300 jobs to Arizona and help invigorate activity within the office buildings of the Entertainment District.

At 32,800 square feet, the deal is the largest office lease in Westgate’s history. The Memphis, Tenn.-based company is expanding its customer service operations to Arizona and will take over the entire second floor of the east office building beginning October 1.

“With Westgate’s attributes, including over 15 on-site restaurants and abundant parking, we strategically and aggressively targeted large corporate users and are pleased to announce the full-floor lease to Terminix,” said Jeff Teetsel, development manager of Westgate Entertainment District. “This is the largest office lease in Westgate’s history, and is another indication of our positive momentum. With our direct freeway access and ease and efficiency for employees to walk to lunch, we have a uniquely desirable mixed-use environment for office tenants.”

The announcement comes on the heels of strong leasing activity at Westgate Entertainment District in recent months including signed leases from Buffalo Wild Wings and Whiskey Rose Bar & Grill and the recent openings of Chipotle, Gallery Glendale and The Arizona Republic, which relocated its West Valley office earlier this year.

“This lease is a validation of the market’s response to the nearly $1 million in investments iStar has made in upgrades to the property over the past year that includes improving the parking lot and common areas and installing new signage to benefit office tenants,” said Teetsel.

Terminix, a company with revenues exceeding $1.3 billion, is the largest subsidiary of ServiceMaster, one of the world’s largest residential service networks. Terminix services more than 3 million residential and commercial customers in 47 states and 14 countries.

“This new Arizona facility reinforces our commitment to enhancing the Terminix customer experience and providing one-call resolution to any customer questions or concerns,” said Larry Pruitt, president of Terminix.  “Terminix already earns best-in-class service ratings from customers, and this new center will help us take that service to an even higher level.”

Terminix conducted a site selection process throughout the western United States, narrowed the focus to Denver, Salt Lake City and Phoenix, and ultimately selected metro Phoenix and Glendale specifically.

CBRE’s Bryan Taute and Brad Anderson represented the landlord and Newmark Grubb Knight Frank’s Aaron Sommer, of the Atlanta office, and Geoffrey Waldrom and Dan Dobric, of the Phoenix office, represented the tenant.

The City of Glendale Economic Development Department worked to expedite permit processing and coordination to help the tenant meet its expedited occupancy target date. Jeanine Jerkovic in City’s Economic Development department coordinated the City’s efforts, along with Department Director Brian Friedman.

For more information about Westgate Entertainment District, visit www.westgateaz.com.