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8/16/12
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Westport Capital Partners LLC recently purchased Agave Center, a five-building, 220k sf mixed-use property in Tempe, AZ. The acquisition consists of three single-story office buildings, one two-story office building, a flex industrial building, and 4.6 acres of land ready for development.
“Westport continues to add attractive, functional assets to our national portfolio that are in strong performing markets,” said Sean Armstrong, principal and portfolio manager with Westport. “This is our fourth investment in the Phoenix area, which continues to be a highly attractive market for owners and companies seeking a business-friendly environment.”
Agave Center is located on a 27-acre parcel near Warner Rd and I-10 in Tempe. The property is 76% leased, although Westport is already moving forward to reinvigorate the leasing effort for Agave, similar to its successful strategy for its prior investments in Phoenix.
Dennis Desmond and Brian Ackerman of Jones Lang LaSalle, along with Mark Gustin of Cushman & Wakefield, represented both the seller in the deal. Desmond and Ackerman also repped the buyer in the acquisition.
"This project is a good example of Phoenix's coming recovery, and the strong conviction that many of today’s investors have in the future of the market," said Desmond, Senior Managing Director in the Phoenix office of Jones Lang LaSalle. "Over approximately 10 weeks, Agave Center received strong buyer interest, secured multiple offers from local and national buyers, and closed without any significant delays. While on the market for sale, it also completed one new lease, bringing the building to above 80 percent occupancy and reflecting a general uptick in local office lease activity."
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