PHOENIX—Voit Real Estate Services announced yesterday that it had closed on the purchase of Warner Business Center in Tempe, Ariz. The acquisition includes seven buildings of Class A office and industrial space, totaling 320,000 square feet located on a 25.2 acre parcel off of Warner Road and Beck Avenue. Tom Richards in the Phoenix office and Chris Evans in the Newport Beach office of Voit Real Estate Services consulted on the acquisition for the project.
This project represents Voit's largest acquisition property in the last seven years; and its fifth in the last two years.
“This project has been a great example of a team effort. As a full-service firm, Voit was able to use its acquisition and asset strategy team not only in identify this opportunity, but also in planning, due diligence, underwriting and now operations and leasing,” said Bob Voit, CEO and founder of Voit Real Estate Services. Voit plans to make significant physical improvements to the property, including enhancing and creating more common areas, landscaping and project signage, which will be led by Kelly Bast, Voit's onsite senior real estate manager.
The property is 67.1% leased and Voit believes that with a fresh infusion of strategic capital, the project will be brought back to life and harness the energy that is currently in the South East Valley.
The project has excellent floor plans available, convenient I-10 freeway access and Warner Road frontage and visibility while also close to food, entertainment and retail amenities. Voit has committed to improving the landscape and vacant spaces to position the property for tenants seeking space in a dynamic and high profile location.
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