What Drives Sales of Commercial Real Estate Here In Mesa

Just a coincidence in timing perhaps: two items.
Note: It's a Real Estate Investment Trust that negotiated the sales transaction to gain title to an over 250,000 Sq Ft Class A Office Campus located in the heart of Mesa that was delivered by the developers to the commercial real estate market in 2002.
THE RECENT SALE (Note there are no price or financial details)
Source: AZ Big Media
JLL Sells Stapley Center to Artis REIT
August 23, 2018 Real Estate | 17 hours ago | AZRE
"On behalf of Invesco Real Estate, a global real estate investment manager, the Phoenix office of JLL has completed the sale of Stapley Center, a three-building, 277,264-square-foot Class A office campus located in the heart of Mesa, Arizona.
The buyer is Artis REIT, a Canada-based real estate investment trust. 

JLL Senior Managing Director Dennis Desmond, Managing Director Lynn LaChapelle and Senior Vice Presidents Peter Bauman and Tivon Moffitt represented Invesco Real Estate in the transaction. JLL Managing Director Dave Seeger serves as Stapley Center’s exclusive leasing broker.

According to JLL, Stapley Center has averaged 90 percent annual occupancy since its delivery to market in 2002 – a rate of performance notably exceeding general market results.

“Artis recognized the value of Invesco Real Estate’s meticulous maintenance at Stapley Center,” said Desmond. “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.”

“The East Valley is a highly sought-after market for corporate America and investor interest remains significant for office properties in this area of metro Phoenix,” said Moffitt. “It was a pleasure to work with these two exceptional companies, Artis and Invesco Real Estate, in what was a very smooth sale process.”

Located at 1620, 1630 and 1640 S. Stapley Dr. in Mesa, Stapley Center features three Class A, Energy Star certified office buildings with thoughtfully designed interiors, a full security card access system and on-site management offices.

The property provides immediate access to the US 60 Superstition Freeway and is within walking distance to 20 restaurants, several banks and the neighboring Mesa Grand power center. Tenants at Stapley Center include ADESA, Cirrus Logic and Wallick & Volk."

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TAXPAYER-FINANCED/CITY-FINANCED IMPROVEMENTS: DOLLAR AMOUNT?

Public meeting for Southern Avenue and Stapley Drive Improvements

August 22, 2018 at 2:21 pm

Source: http://www.mesanow.org/news/public/article/2150

Please join the City of Mesa to discuss the improvements at the intersection of Southern Avenue and Stapley Drive.

The improvements include

• widening the intersection to include three through lanes on Stapley Drive,
• a dedicated right turn lane on eastbound Southern Avenue
• bicycle lanes
• include underground utilities,
• new raised medians, curb, gutter, sidewalks, new streetlights and traffic signals.

You are invited to attend a public meeting, where City staff and the design consultant will be available to answer your questions. No formal presentation will be given.

Location: Lindbergh Elementary - Multi-Purpose Room

930 S. Lazona Drive, Mesa AZ 85204

Date: Wednesday, Aug. 29, 2018

Time: 6 p.m. to 7 p.m.

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For more information regarding this project, please contact

Rene Powell, Lucy Lopez or Michele Arrollado with the City of Mesa Engineering Public Relations Department at (480) 644-3800.

Si usted tiene preguntas de este proyecto, favor de llamar a Lucy Lopez, con la Ciudad de Mesa al (480) 644-3800.

Engineering Construction
Contact: Rene Powell
Tel. 480-644-3800rene.powell@mesaaz.gov