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8/15/19
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Innovatus Capital Partners LLC closed on what we’re told is the highest priced office buy in metro Phoenix so far this year, paying $107.6 mil for Waypoint, a 427k sf ($252/sf) suburban Class A office campus. The four-building property, located near the confluence of the Loop 101 and 202 freeways within the highly amenitiezed Riverview District, is 98% leased.
The property was sold by Harvard Investments and Lincoln Property Company, who developed the first, 109k sf building at Waypoint in 2014 as a build-to-suit that was fully pre-leased to Verra Mobility (formerly American Traffic Solutions) before the building was completed. In 2016, the partnership completed a second, 153.1k sf building and purchased two adjacent, existing buildings to create the current campus, which spans 36 acres in the rapidly growing Riverview District.
Tenants at Waypoint enjoy a high-tech modern aesthetic, multi-story lobbies, creative workspaces, amenity areas and outdoor collaborative spaces. The Harvard/LPC-constructed buildings also offer 14-foot open ceilings and glass windows that begin at floor level and extend 11 feet high.
Waypoint is leased to a high-quality list of national and local tenants including Cognizant, Verra Mobility, Mitel, Ashton Woods, Beazer Homes, Nextcare, Udall Shumway and EPS Group. LPC, who has served as the property manager for all four buildings, will maintain the management assignment as part of the firm’s almost 10 msf Phoenix property management portfolio.
Waypoint sits adjacent to the mixed-use Riverview District, offering 1.3 msf of retail, restaurants, entertainment and the upscale Sheraton and Hyatt Place hotels. Also within Riverview are Riverview Lake and Sloan Park, home of the Chicago Cubs spring training facility. Waypoint is located just six miles east of Phoenix Sky Harbor International Airport and is minutes from Arizona State University’s main campus. The location provides convenient access to Loop 101 at Rio Salado Parkway, and the Loop 202 at Dobson and Alma School roads.
Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller in the transaction. Dave Carder and Scott Boardman of Cushman and Wakefield were the property’s leasing agents.
“Waypoint was developed with a clear vision in one of the tightest, growing and popular office markets in metro Phoenix,” said Bradley Seiden, Managing Director of Innovatus. “The property is a very strong addition to our diversified portfolio of U.S. office properties located in emergent top-tier markets.”
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