Tempe Office Building Changes Hands
- Jul 16, 2018
Simone Charitable Foundation Inc. has acquired Warner Courtyards, an office building in Tempe, Ariz., for $23 million. The new owner purchased a 95 percent interest in the property, while the seller, Hannay Realty Advisors, retained 5 percent ownership interest.
Located at 301 W. Warner Road, the one-story property was constructed in 2002 and has a current vacancy rate of 6.9 percent, according to Yardi Matrix. Comprising 114,048 square feet, the asset offers high ceilings, four interior courtyards, floor-to-ceiling glass and 719 parking spaces. Current tenants include Cenlar FSB, Global Lending Services, Yokowo, Career Education Corp., COMPASS-i and the Law Offices of Craig W. Pendrod. Hannay will continue to manage the building under its new ownership. Warner Courtyards is within close proximity to Interstate 10, U.S. 60, the Loop 101 and 2020 freeways and Sky Harbor International Airport.
JLL’s Senior Vice Presidents Brian Ackerman and Dan Postal brokered the deal on behalf of the seller. “Tenants are drawn to this project because of its prominent stature. The visibility from the Warner and Kyrene intersection and architecture make it extremely attractive,” Ackerman told Commercial Property Executive. “The single-story orientation of the building and short drive time from all parts of Metro Phoenix also provide great access.”
Last month, JLL facilitated the $107.8 million sale of Xchange at Bedford, a 479,000-square-foot creative research and development and life science campus in Burlington, Mass. A joint venture between Jumbo Capital Management and Sound Mark Partners purchased the property from The Davis Cos.
Image courtesy of JLL