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.