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Jul. 13, 2014

Buchanan Street Buys Stapley Corporate Center in Mesa for $33M

By Liviu Oltean, Associate Editor

Buchanan Street Partners recently acquired Stapley Corporate Center, a two-building, Class A office property in Mesa. Located at 1840 and 1910 South Stapley Drive, the asset was purchased for $32.5 million from The DESCO Group, Inc.,  the buildings’ developer.

The Stapley Corporate Center

Totaling 181,934 square feet, the center is 90 percent occupied by such tenants as Cigna Healthcare and Wells Fargo. The transaction was brokered by Chris Toci and Chad Little of Cushman & Wakefield  Inc., while Mark Gustin of JLL Inc. will continue to handle leasing.

Amenities include close proximity to Sky Harbor International Airport and more than 2 million square feet of retail within a quarter of a mile.

“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, a Buchanan Street vice president, in a statement.

Buchanan Street’s most recent acquisition increases its Phoenix holdings to more than 1.4 million square feet. As part of its value-added investment strategy, this year the company has also acquired Mesa Corporate Center, a 106,077-square-foot office building in Mesa, and Vue Park West, a 260-unit luxury apartment community in Peoria .

Image Courtesy of Buchanan Street Partners 

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