PHOENIX—Buchanan Street Partners, a Newport Beach-based real estate investor, has acquired Stapley Corporate Center, a two-building, class A office property located at 1840 and 1910 South Stapley Drive in Mesa. The acquisition reflects Buchanan Street's continued investment strategy in the Phoenix area, a market where the firm has been an active buyer of commercial and multifamily assets.
Stapley Corporate Center was purchased for $32.5 million from The DESCO Group, Inc., the original developer that built and has managed the property since 2007. The 180,000-square-foot 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, while Buchanan Street represented itself. Mark Gustin of JLL will handle leasing for the property.
Brian Payne, vice president of Buchanan, tells GlobeSt.com, “When looking at submarkets, we take into consideration a high average household income, safety and a growing population. 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. The project benefits from a location adjacent to executive housing in Gilbert and is in close proximity to more than 2 million square feet of retail services in the immediate area.”
Stapley Corporate Center has immediate access to Highway 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.
Payne adds that 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 million square feet of properties, along with core-plus investments.
Buchanan acquired two Phoenix area properties earlier this year, including Mesa Corporate Center, a 106,077-square-foot Class A office building in Mesa, and Vue Park West, a 260-unit luxury apartment community in Peoria, Arizona.
In addition to investing in the Phoenix area, Buchanan has targeted Southern California, Houston, Texas, the San Francisco Bay Area and Denver, Colorado for acquisitions. The firm has recently added six new hires as it expands its growing investment and lending businesses.
Buchanan will continue investment strategy in the Arizona marketplace. “The strong job growth, solid population growth, low cost of living and economic recovery make Phoenix a target market for us. We are looking for acquisition opportunities in submarkets of the Phoenix metro where we anticipate growth. We're looking for submarkets with project decrease in vacancies and increase in rental rates.”
” says Payne.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
