Mesa offices near Chicago Cubs spring training site sell for record $107.6M
"An office campus in Mesa's Riverview District has sold for $107.6 million, making it the priciest overall office sale in metro Phoenix so far this year.
Waypoint's four buildings, with almost 500,000 square feet of space, are home to tenants Cognizant, Mitel, Ashton Woods, Beazer Homes and Nextcare.
The development, which is 98% full, was bought by New York-based Innovatus Capital Partners, according to the sellers, Harvard Investments and Lincoln Property Co.
Property records show it's the priciest office sale in the Valley this year. . . "
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BLOGGER NOTE: That's a high price to pay in what is now a hot market, but it doesn't compare to the $982,000 net-lease price for State Farm's offices at Tempe Town Lake just a year ago.
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Last year, the city of Mesa picked Lincoln and Harvard to build a 1.35 million-square-foot office park called Union in the city's growing Riverview district.
Plans call for four large office buildings on 28 acres of city-owned land at Dobson Road and Rio Salado Parkway, next to the Loop 202.
Most of the first building will be occupied by WageWorks. It has committed to 150,000 square feet, where it will house 1,000 employees.
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RELATED CONTENT FROM 2015
Thursday, January 22, 2015
Source: Done Deals
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| Rendering of planned Waypoint Class A office campus, Mesa, AZ |
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| David Krumwiede |
PHOENIX, AZ, Jan. 22, 2015 – Officials from Harvard Investments, Lincoln Property Company (LPC), the City of Mesa and anchor tenant American Traffic Solutions (ATS) were on hand yesterday for the groundbreaking of Waypoint, a two-building, 258-square-foot Class A office campus in Mesa, Ariz., that is nearly 50 percent pre-leased to ATS.
ATS, a leader in road safety and toll management, will relocate more than 600 workers to fully occupy Waypoint’s 108,000-square-foot Building One.
A 152,000-square-foot Building Two will accommodate single- and multiple-occupancy users. Completion of Building One is scheduled for late 2015, at which time ATS will officially move its headquarters operations into the two-story accommodations.
Waypoint sits on a prime 19.55 acres along the Loop 202 freeway, adjacent to the 1.3 million-square-foot Mesa Riverview mixed-use project and less than one mile from the Loop 101, the new Cubs Spring Training Facility and the newly reconfigured Riverview Park.
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| Craig Krumwiede |
“Waypoint will be an excellent addition to the Riverview employment district,” said Mesa Mayor John Giles.
“It is a great location next to two busy freeways, shopping center and parks. I look forward to welcoming more projects like Waypoint to Mesa.”
“This is an exciting time to build in the Southeast Valley and ATS is a wonderful client to build for,” added Craig Krumwiede, President of Harvard Investments.
“We’re excited to bring their new home to fruition – a truly dynamic place to work within a very high energy, high amenity environment.”
“Waypoint sits in a buzzing, contemporary office corridor that continues to earn great demand from both employers and employees,” said Lincoln Property Company’s Executive Vice President David Krumwiede.
“People want to be here, and that has allowed us to break ground on one building that is already 100 percent leased, and a second building that will soon round out this very valuable infill site.”
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| Mesa, AZ Mayor John Giles |
Just six miles east of Phoenix Sky Harbor International Airport, Waypoint is conveniently accessed via Loop 101 at Rio Salado Parkway, and the Loop 202 at Dobson and Alma School roads.
It is directly east of Mesa Riverview, a retail, hospitality and entertainment complex.
It is also less than one mile from the new Cubs Spring Training Facility and the new Riverview Park, and within a few minutes’ drive to Arizona State University.
When completed, Waypoint will join an existing Hyatt Place Hotel, two existing, two-story office buildings and a 180-room, upscale brand Sheraton Hotel that is under construction now and scheduled to open in March 2015. The hospitality site amenities will include full-service restaurants, bars, swimming pool, fitness facility and more than 30,000 square feet of meeting and event space.
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| James D. Tuton |
“This facility offers all of the things we looked for when choosing where to place our headquarters,” said James Tuton, CEO of American Traffic Solutions.
“The opportunity to have a state-of-the-art facility built to our specifications, along with the easy access to major highways and the variety of restaurants, hotels and other shops, made this the perfect location for our new headquarters.”
“I’m thrilled to see the continued development of Riverview with the new Waypoint development,” said Mesa District 1 Councilmember Dave Richins.
“I am pleased to welcome new corporate partners and employers to Mesa.”
Dave Carder, Luke Walker and Eric Schultz, from the Phoenix office of CBRE, lead the project’s marketing and leasing efforts.
For a complete copy of the company’s news release, please contact:
Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195
www.focusaz.com
