Tempe Office Market Strength Extends South, Promotes $23M Sale

JLL sale of Warner Courtyards supported by location and tenancy

PHOENIX, Arizona – A Tempe, Arizona address and quality tenancy were key to the $23 million ($202 PSF) sale of Warner Courtyards, completed this week by the Phoenix office of JLL. The seller was locally based building owner and manager Hannay Realty Advisors. The property buyer, Simone Charitable Foundation Inc., acquired a 95 percent interest in the office building. Hannay retained 5 percent ownership interest in the property.

“The Simone Foundation was very attracted to this building’s Tempe address and its roster of long-term credit and blue chip tenants that operate within very stable industries,” said JLL Senior Vice President Brian Ackerman, who brokered the deal with JLL Senior Vice President Dan Postal. “These advantages, along with the positive long-term performance of the Southeast Valley office market, are hard to replicate.”

According to JLL, the submarket is home to only 30.3 percent of the Valley’s office inventory, but has accounted for almost 55 percent of the total net absorption in metro Phoenix since 2010. “That same ratio holds true as recently as the past 12 months, with Tempe recording 54.4 percent – or more than 621,000-square-feet – of the Southeast Valley’s 1.1-million-square-feet of total office absorption,” said Ackerman.

Warner Courtyards is located at 301 W. Warner Road, at the southeast corner of Warner and Kyrene roads in the heart of Tempe. The office building totals 114,054-square-feet and features single-story construction with high ceilings, a floor-to-ceiling glass line and four interior courtyards. It is less than two miles from a full diamond interchange at Interstate 10, and approximately three miles from the U.S. 60 and the Loop 101 and Loop 202 freeways. It is surrounded by a highly educated workforce, popular residential communities, and is less than 15 minutes from Sky Harbor International Airport.

Notable tenants at Warner Courtyards include Cenlar FSB, Career Education Corp. and Global Lending Services. The building has been institutionally managed by Hannay Realty Advisors. Hannay will continue to manage the property under its new ownership.




Irgens Sells Shea Medical Plaza for $11.6 Million

Shea Medical Plaza, 7425 E. Shea Blvd., Scottsdale, AZ

Ohio Investor Expands Portfolio with Medical Office Building

PHOENIX, ARIZONA —  Irgens Partners, LLC  has completed the $11.65 million ($275 PSF) sale of Shea Medical Plaza at 7425 E. Shea Blvd. in Scottsdale.

The 42,439-square-foot medical office building was built in 1999.  Shea Medical Plaza is 100% leased and anchored by Scottsdale Children’s Group, NextCare and AZ Perio.  The medical office property is situated in the heart of Scottsdale, close to the Honor Health campus at 90th Street and Shea Boulevard.

“Irgens acquired this property in 2012 from a Bankruptcy liquidation.  The building was suffering from physical and leasing neglect so we implemented a full capital improvement and leasing plan.  Our improvements enhanced the physical structures and with the incredible leasing efforts of Mike Dupuy, Fletcher Perry and Racheal Thompson the project progressed from 45% to 100% occupancy,” says Jason Meszaros, senior vice president and managing regional director for Irgens .

Woodside Health purchased the medical office building from Irgens.  The deal was brokered by Dan Postal and Brian Ackerman with Jones Lang LaSalle.  Knight Management will continue as property manager for Woodside.

 




Robert Kline, Dan Postal join JLL in key Capital Markets roles

Robert Kline (l) and Dan Postal (r)

JLL Boosts Phoenix Investment & Finance Platform with Two New Hires 

PHOENIX, Arizona – In an effort to strengthen its already broad suite of finance and investment capabilities, JLL today announced the addition of two market experts in the firm’s Capital Markets group. Industry veteran Robert Kline has joined JLL’s Capital Markets, Finance unit as a Managing Director in the Phoenix office. Dan Postal has joined the firm as a Senior Vice President.

Kline will focus his efforts on a broad range of services including debt and equity, CMBS loans and foreign capital, partnering with Senior Managing Director Dennis Desmond and Executive Managing Directors Tom Fish, Tom Melody and Mike Melody.

Postal has teamed up with Senior Vice President Brian Ackerman to focus on investment sales and owner/user acquisitions and dispositions.

“We continue to build the Finance group within our Capital Markets platform,” said Fish. “We are excited to welcome Robert to JLL, as he helps to round out an experienced and professional team in the Southwest. He fills a vital role for us in Phoenix and brings a successful national finance practice to our firm.”

“Robert’s vast client network and depth of experience across all aspects of real estate finance are an invaluable addition to our already robust platform in Phoenix. We continue to look to improve our clients’ experience and grow our business with marquee hires such as Robert,” added Desmond. “Dan also adds a tremendous entrepreneurial mind to our team. His experience servicing a diverse mix of local and national clients enables us to provide an even broader scope of services to the market.”

Added Ackerman, “Dan will be a very valuable asset as we look to stay ahead of market dynamics in Phoenix. I am excited to grow this platform to take advantage of the strong demand in the market.”

Kline brings nearly 35 years of commercial real estate experience to JLL. He previously worked at a global commercial real estate firm and has been directly involved in the disposition of $5.5 billion in assets, $9.7 billion in commercial property restructuring and has completed more than 600 note sales. He holds a degree from University of Miami and in 2010 was elected to the Urban Land Institute’s Board of Governors.

Postal brings more than 20 years of commercial real estate and financial experience to the team. Most recently, Postal provided site selection services including fiscal impact studies and location incentives for national projects and commercial property tax services in the Southwest. Postal has been recognized by the Phoenix Business Journal in its “Forty Under 40,” Arizona Republic as part of its “35 Entrepreneurs 35 and Under,” AZRE’s 2015 Big Deal of the year winner, and Cystic Fibrosis Foundation’s “Man of the Year” for AZ’s Finest.

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 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

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