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7/11/14
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Stapley Corporate Center, a two-building, Class A office property in Mesa, AZ, was purchased by OC-based Buchanan Street Partners in a $32.5 mil deal from a couple of weeks or so ago. The transaction reflects Buchanan Street’s active investment strategy in the Phoenix area.
Stapley Corporate Center, located at 1840 and 1910 South Stapley Dr, was sold by The DESCO Group Inc, the original developer that built and has managed the property since 2007. The 180k sf property is 90 percent occupied with long-term leases in place, including tenants Cigna Healthcare and Wells Fargo.
Chris Toci and Chad Little of Cushman & Wakefield of Arizona represented the seller in the transaction. Buchanan Street repped itself. Mark Gustin of Jones Lang LaSalle will handle leasing for the property.
“This property will continue to attract top tenants seeking high-image office space in the East Valley, based both upon the quality of the building and the continued Phoenix recovery,” said Brian Payne, Vice President of Buchanan Street Partners. “The project benefits from a location adjacent to executive housing in Gilbert and is in close proximity to more than 2 msf of retail services in the immediate area.”
Stapley Corporate Center has immediate access to Hwy 60 and is near the border between Mesa and Gilbert, a city with the second highest household income in the Phoenix area and the highest concentration of graduate and professional degrees among western U.S. cities.
The investment is part of Buchanan Street’s continued value-add investment strategy in the Phoenix area, a market where the investor now owns 1.4 msf of properties. The company acquired two Phoenix area properties earlier this year, including Mesa Corporate Center, a 106k sf, Class A office building in Mesa, and Vue Park West, a 260-unit luxury apartment community in Peoria, AZ.
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