ViaWest Group buys 10-story Arizona Republic building in the heart of Downtown Phoenix, for $37.65 Million

PHOENIX, Arizona – ViaWest Group recently announced that it has closed on the purchase of a 10-story office building and semi-adjacent parking garage located at 200 E. Van Buren St. and 460 N. 3rd St. respectively. The 240,0000 square-foot, Class A property was purchased from Phoenix Newspapers, Inc. for $37.65 million ($157 PSF). This acquisition is ViaWest’s sixth purchase in 2018 and its second purchase in downtown Phoenix.

Barry Gabel and Chris Marchildon, with CBRE’s Capital Markets Institutional Properties in Phoenix orchestrated the sale of this downtown asset through their representation of the seller, Phoenix Newspapers, Inc.

The Arizona Republic and will remain in the building as its primary tenants, occupying approximately 99,000 SF. KPNX-TV (Channel 12) and G/O Digital are two additional major tenants that will be staying on.

200 East Van Buren is surrounded by the Sheraton Grand Phoenix Hotel, Phoenix Convention Center and Arizona Center, a mixed-use office and retail development. With convenient access to Valley Metro light rail, the building is steps away from Arizona State University’s Downtown Phoenix campus, home to more than 17,000 students, five colleges and 84 degree programs. The site also includes an exclusive 8-level, 885-space parking garage located just north of the building.

“We are excited to add this building to our growing Downtown Phoenix portfolio,” said Steven Schwarz, Founding Partner at ViaWest Group. “We are believers in the transformation of Downtown and how this property will fit into it.  With four vacant full floors, an abundance of parking, and a premier location, we will be able to bring our vision for a new ecosystem and aesthetics to the property to position it as one of the most desired places to office in Downtown Phoenix.”

CBRE Brokers $100 Million Sale of 24th At Camelback

24th at Camelback, Phoenix, AZ

PHOENIX, Arizona CBRE has arranged the $100 million sale of 24th at Camelback, a 302,209-square-foot Class A trophy office tower in metro Phoenix’s Camelback Corridor. This high-profile transaction represents the largest office sale in metro Phoenix so far in 2018, both by dollar volume and price per square foot. At the time of sale, the property was 94 percent leased to a prominent tenant roster, that includes Greenberg Traurig, AAA, RSM, Cisco Systems, USI and Regus.

Barry Gabel, Will Mast and Chris Marchildon with CBRE Capital Markets, Institutional Properties in Phoenix represented the seller, an affiliate of Houston based Hines in the transaction. Jim Fijan, with Fijan Advisors, acted as an advisor to the Seller. New York Life Real Estate Investors acquired the property. Hines, who developed the property in 2000 and has managed the asset since it was delivered, will continue to manage the property under its new ownership.

“This sale is a testament to the strength of the Phoenix market and its position as a prime office investment market,” said CBRE’s Gabel. “There is a long runway for growth here in Phoenix for investors.”

24th at Camelback features sleek, contemporary architecture and has earned a LEED Gold Certification and Energy Star label. Additional features include an eight-story detached parking structure with two levels below grade and six levels above grade, providing an overall 3.7/1,000 parking ratio.

“24th at Camelback presented a unique opportunity for investors to purchase a class A, trophy asset of significant size in one of the Valley’s most highly coveted office submarkets,” said CBRE’s Mast.

Located at the premier intersection within the Camelback Corridor, 24th at Camelback features an exceptional on-site amenity base including Scramble – a Breakfast & Lunch Joint, which just recently opened in Spring 2018. Biltmore Fashion Park, the world-renowned, luxury shopping center located across 24th Street, offers over 60 high-end restaurants and world-class retail options including Arizona’s only Saks Fifth Avenue. Other nearby amenities include the Shops at Town & Country and Camelback Colonnade (offering an additional ±100 walkable restaurant and shopping options), the iconic Arizona Biltmore Resort (featuring 740 luxury rooms and suites, 8 swimming pools, a full-service spa, fitness center and five upscale dining options), the 263-room Camby Hotel (offering luxury accommodations and award-winning dining) and a new 160-room AC Marriott (expected to be delivered in late 2018).




Colliers Awarded Leasing Assignment for Concorde Commerce Center

Concorde Commerce

ViaWest Purchases Back Canyon Submarket Office Building for $9.5 Million

Phoenix, Arizona – Continuing their quest to buy value-add office properties throughout the valley, ViaWest Group has purchased Concorde Commerce Center, an office building located at 2222 W. Dunlap Ave. The property was purchased with a partner for $9.5 million ($247 PSF).

Built in 1998, Concorde Commerce Center is a three-story office building that contains approximately 138,430-square-feet of space.  The 9.3-acre site is located a half mile from Interstate 17.

The sale was brokered through Barry Gabel and Chris Marchildon of CBRE. Colliers International in Greater Phoenix has been chosen to handle leasing of the project.

“This was a strategic acquisition for ViaWest because it is one of three buildings in the submarket that can accommodate an office user needing 100,000 square feet,” says Ryan Timpani, vice president of Colliers International in Greater Phoenix.  “United Healthcare will be vacating 108,000 square feet that will become available in May.”

Timpani, Todd Noel, and Kyle Campbell are the exclusive leasing team for Concorde Commerce Center.

“This asset presents a great value-add opportunity for our company,” says Steven Schwarz, founding partner of ViaWest Group.  “We will be modernizing and repositioning this office property like we have with many other assets around the Metro area, including Biltmore Center, Nexus @ ASU Research Park, The Monroe, Connexion, San Tan Tech Center and many others.”

Concorde Commerce Center’s architecture features large spans of glass windows.  The office property provides generous parking at 5.3 spaces per 1,000 square feet and 90 percent of the spaces are covered.