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2/25/22
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Idaho-based Stafford Holdings paid $23 mil for Concorde Commerce Center, a 140.2k sf ($164/sf) office property in Phoenix. The seller was a joint venture between Phoenix-based ViaWest Group and New York-based Taconic Capital Advisors.
The three-story chevron-shaped property, located at 2222 West Dunlap Ave, features a contemporary design with an extensive glass line, a two-story atrium lobby, and floor plates situated for tenants of all sizes. The building is currently 84% leased to Ciox/Datavant, a major health data provider, and
Kiewit, a construction and engineering company. The property is positioned within an opportunity zone with frontage on the expanding METRO Light Rail and is proximate to the soon-to-be-redeveloped MetroCenter Mall.
ViaWest Group and Taconic acquired the property as a 13% leased, value-add opportunity in January 2018. Since then, ViaWest Group leased the property to two major users, upgraded operational systems, added LED lighting, renovated the common area corridors, and recently completed spec suites for the balance of the remaining vacancy.
CBRE’s Barry Gabel, Chris Marchildon, Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, and Gary Cornish represented the seller in this latest trade.
This buy marks Stafford’s second acquisition in the Phoenix area in the past five months. In September 2021, they purchased Stafford North Loop 101 Building D, an 88.7k sf, two-tenant, 100% occupied, Class A office building for $22.1 mil.
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