Artis REIT Acquires AZ Office Campus
- Aug 27, 2018
Artis REIT has acquired Stapley Center, a Class A office campus in Mesa, Ariz., from Invesco Real Estate. The firm purchased the campus back in October 2002 from Denali National Trust for $34.4 million, according to Yardi Matrix.
Located at 1620, 1630 and 1640 S. Stapley Drive, the property comprises three, two-story buildings totaling 277,264 square feet. The Energy Star certified buildings offer uniquely designed interiors, a full security card access system and on-site management offices. The campus is within close proximity to the US 60 Superstition Freeway and is within walking distance to a variety of restaurants, banks and the Mesa Grand power center. Tenants of Stapley Center include ADESA, Cirrus Logic, Wallick & Volk, Liberty Mutual Insurance, Berkshire Hathaway and West USA Realty. The asset has had a 90 percent annual occupancy since constructed in 2002, according to JLL.
JLL Senior Managing Director Dennis Desmond, Managing Director Lynn LaChapelle and Senior Vice Presidents Peter Bauman and Tivon Moffitt represented the seller in the transaction. JLL Managing Director Dave Seeger serves as Stapley Center’s exclusive leasing broker.
“Artis recognized the value of Invesco Real Estate’s meticulous maintenance at Stapley Center,” said Desmond, in a prepared statement. “That effort earned the project a 2017 TOBY Building-of-the-Year award for low-rise office buildings in metro Phoenix and has fostered Stapley Center’s exceptionally strong lease performance. Artis is confident that the office campus will continue to outperform the market in the years to come.”
In February, Artis REIT—along with its partner Trammell Crow Co.—inked a 131,796-square-foot industrial lease with Footprint, a molded fiber company, to relocate its production operations and headquarters within Park Lucero Phase II in Chandler, Ariz.
Image courtesy of JLL