The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
May 22, 2019
 Search RENTV
 Video Programs
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
Simone Charitable Foundation Inc Acquires 95% Stake in AZ Office Building


Simone Charitable Foundation Inc acquired a 95% interest in Warner Courtyards, a 114k sf office building in Tempe, AZ, for $23 mil. The property was sold by Hannay Realty Advisors, who retained the remaining 5% ownership interest.

Warner Courtyards is located at 301 W. Warner Road, at the southeast corner of Warner and Kyrene roads in the heart of Tempe. The office building features single-story construction with high ceilings, a floor-to-ceiling glass line and four interior courtyards.

It is less than two miles from a full diamond interchange at Interstate 10, and approximately three miles from the U.S. 60 and the Loop 101 and Loop 202 freeways. It is surrounded by a highly educated workforce, popular residential communities, and is less than 15 minutes from Sky Harbor International Airport.

Notable tenants at Warner Courtyards include Cenlar FSB, Career Education Corp. and Global Lending Services. The building has been institutionally managed by Hannay Realty Advisors. Hannay will continue to manage the property under its new ownership.

“The Simone Foundation was very attracted to this building’s Tempe address and its roster of long-term credit and blue chip tenants that operate within very stable industries,” said JLL Senior Vice President Brian Ackerman, who brokered the deal with JLL Senior Vice President Dan Postal. “These advantages, along with the positive long-term performance of the Southeast Valley office market, are hard to replicate.”

According to JLL, the submarket is home to only 30.3% of the Valley’s office inventory, but has accounted for almost 55% of the total net absorption in metro Phoenix since 2010. “That same ratio holds true as recently as the past 12 months, with Tempe recording 54.4% – or more than 621k sf – of the Southeast Valley’s 1.1 msf of total office absorption,” said Ackerman.

Return to the Archive page





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2019 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media