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| Papago Spectrum, Phoenix, AZ |
PHOENIX, AZ– Beginning the year on a positive note, the
Phoenix office of Jones Lang LaSalle has completed the sale of Papago
Spectrum to German-based investor GLL Real Estate Partners.
According to Jones Lang LaSalle (JLL), the sale of the 159,764-square-foot
Class A multi-tenant office building points to continued optimism for buyer
interest and activity in 2013.
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| Dennis Desmond |
“Investors see tremendous promise in the Phoenix commercial
office market,” said JLL Senior Managing Director Dennis Desmond, who
with Senior Vice President Brian Ackerman served as the property’s
exclusive listing brokers.
“We have a strong inventory of well occupied, stabilized
opportunities and—for good reason—buyers from across the globe have an
overarching interest in placing capital here.”
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| Brian Ackerman |
GLL was represented internally by Senior Vice President Christopher
Quiett and Senior Associate Eric Ramm.
Papago Spectrum sits at the geographic center of the Phoenix
metropolitan market, at Priest Drive and University Drive, just off of the Loop
202 Freeway in Tempe, Ariz. The building is currently 91 percent occupied, with
the University of Phoenix taking the top two floors of the project and recent
leases filling an additional 27,000 square feet in five-year deals.
“Close proximity to Arizona State University and a strong
local employment pool ensures that vacancy rates around Papago Spectrum are
almost always in the single digits,” said Ackerman. “However, submarket rents
are also still slightly depressed. With this building’s strong occupancy, it
makes for a very stabilized core asset with solid room for improvement.”
For a complete copy of the company’s news release, please
contact:
Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195
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