PHOENIX—Known for attracting investment-grade tenants, Thistle Landing is once again in the headlines. Menlo Equities LLC purchased the remaining three buildings of the office park located at 4801, 4805 and 4811 E. Thistle Landing Dr. for an undisclosed price. The seller was Torchlight Investors LLC of New York City.
With this transaction, Menlo Equities now owns the entire 383,509-square-foot office park located at 48th Street and Ray Road, a Southeast Valley corridor displaying explosive growth as of late. The three-building acquisition totaled 282,503 square feet. Separately, the buildings are 101,006 square feet (4801 E. Thistle Landing); 90,944 square feet (4805 E. Thistle Landing); and 90,553 square feet (4811 E. Thistle Landing).
Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer of Cushman & Wakefield represented the seller in the multi-million-dollar disposition. No outside broker was involved.
Toci, executive director with Cushman & Wakefield, tells GlobeSt.com: "This asset rounds out Menlo Equities' acquisition at Thistle Landing, following its first building purchase there earlier this year. Menlo is a deep player in the Silicon Valley real estate market and these buildings offered the same components found in that area. The open space with 22-foot slab-to-slab clearance, abundant parking and opportunity for creative tech space was ideal for this buyer."
Thistle Landing includes four single-story, class-A office buildings built in 1998. The office park features an abundant 6/1000 parking ratio. The property is 100% leased to investment-grade and blue chip tenants including Fiserv Inc., United Healthcare, DISH Network and OptumRx.
Menlo Equities is based in Palo Alto, CA, and it has numerous California and Pacific Northwest properties in its portfolio.
"Thistle Landing is ideally located in the explosive growth corridor of the Southeast Valley," Toci said. "High-paying employment opportunities in the technology and medical fields are luring well-educated workers to the area to avoid congested freeway commutes."
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
