Thursday, August 16, 2012

Agave Center Sold to Westport Capital Partners for $23.3m

VIZZDA--August 15th, 2012 -- Multi-Employer Property Trust (MEPT) a commercial real estate equity fund representing several local trade unions and administered by David Keto of Newmark Trust Company has sold several lots of a partially developed office/retail mixed use complex for $23.3m. Riggs and Company acquired the 22.37 acre original assemblage in a partnership with the trustee for MEPT on May 24th, 1999 for $4,552,350. The $23.3m sales price represents a 412% appreciation gross of fees and development costs or a 31% annualized rate of return.

The portion conveying consists of five 1 and 2-story buildings totaling 218,993 SF built in 1999 on 16.99 acres, as well as 4.64 acres of undeveloped land zoned PCC-1. Marc Porosoff in his capacity as Principal and General Councel was signatory for Westport Capital Partners. This acquisition--when combined with the Pinnacle Peak Business Park (124k SF) and the Scottsdale Financial Center II (150k SF)--marks the third large acquisition by Westport Capital Partners in the Phoenix area.

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Paul Dionne
Director of Anayltics

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