LOS ANGELES AND PHOENIX—Mesa West has provided Brookfield Asset Management with a $34 million first mortgage loan to refinance a two-building office complex in the Phoenix submarket of Tempe.
The two Class A office buildings, a five-story and adjacent four-story building located at 100 & 150 West University Drive, total 299,000 square feet and are 99 percent occupied. The buildings were part of a portfolio acquired by Brookfield from JP Morgan Chase in 2007. JP Morgan Chase (S&P: A+) continues to occupy 90 percent of the space in the two buildings.
“Downtown Tempe is a tight submarket with a vacancy rate under 15 percent for Class A product, with very few options right now for large blocks of space,” according to Mesa West Associate Jason Bressler who originated the loan. “As a high quality office complex in the heart of downtown Tempe, the property is well positioned to be in high demand and remain occupied over the long-term.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
