Equus acquired the building in 1999 as part of a 1031 Exchange for nearly $1.8 million. David Bourne, Equus chairman, said in a prepared statement that the firm was "well pleased" with the price it got in light of the Tempe office market's current weak condition.
The Pardis also used a 1031 Exchange to back the acquisition. Steve Grossoehme represented the buyers in the transaction.
Equus is disposing of smaller office and industrial properties in its portfolio. The plan is to focus solely on properties valued between $10 million and $100 million. In the Tempe sale, Equus 3444 KV LLC was the seller. Bourne and Chad Carpenter, Equus president, were listed as managers. Equus used an in-house rep to negotiate its side of the deal.
Carpenter says Equus is in the acquisition mode as vacant office and industrial property prices begin to lower. "In certain markets like Phoenix, the weak leasing market is causing owners to hand back the keys to lenders in increasing numbers," Carpenter assessed in a press release. "We are aggressive buyers where we can see an opportunity to add value through leasing vacant space or redevelopment.
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