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7/16/18
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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.
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