ABOUT THE PROPERTY
ZKS and Carlyle entered into a forward purchase contract
to acquire Gainey Center I and II from Opus West upon shell completion.
Gainey Center I was completed and purchased in 1999, and sold one year
later for an IRR of 57%. Gainey Center II was purchased in 2000, and
sold in 2002 for an IRR of 19%. Both properties were significantly
leased upon sale. ZKS and Carlyle successfully identified the user
market for high-end office in North Scottsdale, and subsequently took
advantage of the active investment market at the time.
INVESTMENT DATA
Capital Partner The Carlyle Group
Purchased From Opus West
Sold to New Cities
Date Purchased September 1999
Date Sold September 2000
Purchase Price $22,320,000 ($157 psf)
PROPERTY DESCRIPTION
Location Scottsdale, AZ
Submarket North Scottsdale
Property Type Office
Property Description Class A 3-story building
Rentable Square Feet 142,169
Year Built 1999