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May 24, 2018
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AZ Office Building Traded for $27.6 Mil


Gramercy Property Trust, in partnership with TPG, purchased of Nexus @ ASU Research Park, a 123.9k sf, Class A office building in Tempe, AZ for $27.6 mil, or $223/sf. The asset was sold by a joint venture between Phoenix-based ViaWest Group and Chicago-based Blue Vista Capital.

Located just off Loop 101 on 10.5 acres in ASU Research Park, the building is fully leased to an online retailer. The surrounding office park includes amenities such as a day care center, six miles of jogging and bike trails, lakes, helipad, and security patrol.

JLL’s Mark Detmer, Bo Mills, Mark Gustin and Ryan Sitov represented the seller in the transaction.

“This building’s excellent location, extensive upgrades and investment-grade tenancy made this a sought after asset,” said Detmer. “We continue to see tech companies push demand for office buildings like this, and expect the trend to continue as large companies find value in Phoenix and the surrounding metro.”

Nexus was purchased for $3 mil in 2013, after which ownership invested several million dollars in a complete modernization capital program. “Nexus is a perfect example of how to take an obsolete suburban office building and transform it into a marquee property. We see a long runway for these kinds of opportunities,” noted Gary Linhart of ViaWest Group.

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