Buchanan Street Partners Acquires Stapley Corporate Center in Phoenix for $32.5
Firm Increases Phoenix Area Assets to 1.4 Million Square Feet
MESA, AZ and NEWPORT BEACH, CA -- (Marketwired) -- 07/07/14 --
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,
Arizona. 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 Jones Lang LaSalle will handle
leasing for the property.
"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," said
Brian Payne, Vice President of Buchanan Street Partners. "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.
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. Buchanan Street
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
In addition to investing in the Phoenix area, Buchanan Street 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
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real
estate investment management firm that invests debt and equity
capital on behalf of institutional and private investors.
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