JLL Capital Markets completes sale of sale of 159,261 SF Class A office building
PHOENIX, Arizona – Capital Markets experts in the Phoenix office of JLL have completed the sale of Papago Spectrum, a 159,261-square-foot Class A office building in the heart of Tempe, Arizona for $34 million ($213.49 PSF).
JLL Senior Vice President Brian Ackerman led the team handling the sale on behalf of the seller, GLL Real Estate Partners, a member of the Macquarie Group.
“This is a premier institutional office building that delivers steady cash flow, limited near-term rent roll and a superior address,” said Ackerman. “It also sits directly across the street from The Grand at Papago Park Center and I.D.E.A. – two under-construction mixed-use developments that will deliver millions of square feet of sophisticated, Class A space and make this area look much different in the near future.”
Papago Spectrum is located at 12225 W. Washington St. at the high-profile corner of Washington Street and Priest Drive. It is approximately 1.5 miles from Arizona State University, Sky Harbor International Airport and the shopping, dining and entertainment of downtown Tempe. It is also minutes from the Loop 202 and 143 Freeway.
The project is 93 percent leased to tenants including Union Bank, Acronis, SonicWALL and Zwicker & Associates.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,400 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.