Skip to content

Call Us Today
(520) 877-2656

  • Home
  • Sales
    • 1st Quarter Sales
    • 2nd Quarter Sales
    • 3rd Quarter Sales
    • 4th Quarter Sales
  • Leases
  • Advertise
  • Subscribe
  • Listings
  • Login
Menu
  • Home
  • Sales
    • 1st Quarter Sales
    • 2nd Quarter Sales
    • 3rd Quarter Sales
    • 4th Quarter Sales
  • Leases
  • Advertise
  • Subscribe
  • Listings
  • Login

Lee & Associates Negotiates Leasehold on Papago Arroyo for $40.85 Million

  • Home
  • Archive
  • Lee & Associates Negotiates Leasehold on Papago Arroyo for $40.85 Million
Archive
/
March 19, 2015
/
Karen Schutte
image_pdfimage_print
Papago Arroyo
Papago Arroyo

PHOENIX, AZ – Lee & Associates Arizona is proud to announce the three-office building leasehold sale of Papago Arroyo, 1255, 1275 and 1295 E. Washington St., Phoenix for $40.85 million. Combined, the buildings total 279,503-square-feet which calculates to $146.15 per SF. The cap rate was reported to be 7% based on first year NOI performance.

Lee & Associates’ Coppola-Cheney Group and Jerry Marrell, Principal, negotiated the sale along with Bob Young and Glenn Smigiel of CBRE. The buyer was listed as Papago Arroyo Associates, LLC of Honolulu, HI. The seller was Greenwood & McKenzie RE Investments, of Tustin, CA.

“Papago Arroyo is part of the story that keeps getting better in Tempe. Located along the light rail system, this three-building campus is only minutes away from Phoenix Sky Harbor Airport, three major freeways and Arizona State University, which will always make it attractive to tenants,” said Andrew Cheney. “The new development underway in Tempe only adds to this property’s upside, he added.

The stable, Class A project is situated on a ground lease with 68 years remaining. The highly-sought after location has driven leasing demand for the remaining space. It is currently at 96% leased.

The buildings were developed in 1998 are situated on the Tempe/Phoenix border. The property off ers 5 per 1,000 ratio of parking, close access to major freeways, light rail stations and Phoenix Sky Harbor International Airport.

To learn more Coppola can be contacted at 602.954.3762, and Cheney is at 602.954.3769; Marrell should be reached at 602.954.3744 and Kafka is at 602.954.3777. Young and Smigiel with CBRE should be contacted at 602 735.5555.

Share Now!

Recent Posts

  • Office Condo in Tanque Verde Place Sold to be owner-occupied
  • West Valley Retail Demand Brings Phoenix’s Agua Fria Plaza to 100% Leased
  • Free spay and neuter event offered Oct. 20-22 for community cats
  • Marcus & Millichap Negotiates the Sale of Ocotillo Oasis, a 42-Unit Apartment Property in Glendale, Arizona
  • California Investor Buys Shoppes at Mirador Square

Archives

Newsletter

  • 1st Quarter Sales
  • 2020 SoAZ Forecast Competition
  • 2nd Quarter Sales
  • 3rd Quarter Sales
  • 4th Quarter Sales
  • 5905 East Speedway Blvd, Tucson, AZ
  • Account
  • Advertising
  • Annual Site Access Conditions
  • Archives
  • ASP Test
  • displaycomp
  • Executives Prefer CCIM
  • HELP WANTED
  • Home
  • Ina Capital Development
  • Link Page
  • Login
  • MARKET LEADERS – CCIM DESIGNEES
  • Newsletter Subscription
  • Pima County Real Estate Research Council
  • Privacy Policy
  • RED Comps Terms and Conditions
  • Red Leases
  • Registration-Login
  • rss
  • Sample RED Comps
  • Search Comps
  • searchanalytics
  • searchmapselection
  • searchresults
  • searchshortreport
  • SearchTool
  • Southgate Commerce Park
  • Subscription
  • Team Management
  • Terms of Service
  • Test
  • Test Comp Search
  • Thank You
  • Thank You For Subscribing
  • www.realestatedaily-news.com Privacy Policy
  • About Real Estate Daily News

Copyright © 2023 Real Estate Daily News
Website by: Heart and Soul Web Design

Scroll to Top