Nine-Month Office Hold Reaps $2.6M

PHOENIX-Equus Realty Advisors Inc. has pared down its Phoenix portfolio with the $2.6-million sale of a six-building office and industrial complex in midtown to a Texas buyer.

Austin X Properties LLC took the keys to the 26,000-sf, fully leased complex, known as the Marshall Property, in a deal that satisfied the buyer’s 1031 Exchange needs. The complex was purchased by Equus in November 2002 as part of its $15.8-million acquisition of the 240,000-sf Valley Commerce Center office park, a prime eight-building office park located at 4811-4815 N. 7th and 4816-4820 N. 8th streets in the city’s midtown submarket. The purchase from seller SOFI IV, an opportunity fund associated with Starwood Capital, included two 105,000-sf, four-story office buildings along with the six-building Marshall Property.

Chad Carpenter, president and CEO of Equus Realty Advisors, said the sale of the fully leased complex was part of Equus’ strategy of acquiring properties with vacancies and selling them when they are stabilized.