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Triple Net Meets $27M Ask to Buy Papago Spectrum

TEMPE, AZ-Triple Net Properties steps up with a full-price offer for the 87%-leased, 159,764-sf, class A office building as part of a major buying spree planned for the state. Dealmakers credit strong leasing activity and location with catching the TIC player's eye.

By Amy Wolff Sorter | Updated on August 01, 2005

(To read more on the TIC market, click here.)

TEMPE, AZ-Papago Spectrum, a 159,764-sf, class A office building, has been sold for nearly $26.38 million to the San Diego-based Triple Net Properties LLC, one of the nation’s top tenants-in-common buyers.

The five-year-old building at 1225 W. Washington St. is a key fixture in the Papago Park Center, a 522-acre, $2-billion, mixed-use development near Sky Harbor International Airport. Mike Garlick, principal with Phoenix-based Lee & Associates Arizona, represented the seller, Papago Spectrum LLC, in the property’s sale. Ryan Gallagher and Jeff Hanson with Grubb & Ellis Co.’s Newport Beach, CA office and Brendan Considine of Triple Net Properties in South Coast Metro, CA helped to close the deal for the buyer. Brokers involved in the deal confirm that the 87%-leased Papago Spectrum sold for its asking price, which was about $26.38 million.

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