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| Broadway 101, Tempe, AZ |
PHOENIX, AZ – Jones Lang LaSalle’s Capital Markets experts announced
the firm has completed the sale of Broadway 101 in Tempe, Ariz. on
behalf of Broadway 101 Office Park, Inc.
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| Dennis Desmond |
GLL Real Estate
Partners, Inc. purchased the property in a sale that brokers say was driven by
high market demand and fundamentals reminiscent of pre-recession transactions.
Senior Managing Director Dennis Desmond, Senior Vice
President Brian Ackerman and Managing Director Dave Seeger led
the Jones Lang LaSalle team on this transaction.
“This is an attractive, highly visible, institutionally
maintained office project that sits at the center of Tempe’s talented
employment pool. These are qualities that create true sustainable value and to
which investors responded quickly and very favorably,” said Desmond.
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| Brian Ackerman |
According to JLL’s Q2 Phoenix Office Statistics Report,
Tempe’s Class A office inventory has enjoyed a steady recovery and continues to
maintain its competitive position, with positive net absorption and a competitive
12.8 percent total vacancy rate.
“Broadway 101 exemplifies the strength of the recovering
market and the type of high-caliber assets that investors can expect to find in
the Valley,” said Ackerman. “This particular building has averaged a sub-8 percent
vacancy rate throughout its history. Combined with very strong sale metrics,
this transaction is reminiscent of the pre-recession sales of 2005 to 2007.”
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| Dave Seeger |
Totaling 162,484 square feet, Broadway 101 is a Class A
multi-tenant office campus located directly adjacent to the Loop 101/Price
Freeway at 2141 and 2151 E. Broadway Rd. in Tempe.
The project is currently 94 percent leased to tenants
including MOOG/Broad Reach Engineering, Amerifirst Financial, Inc. and the
Arizona corporate headquarters for Quantum Integrated Solutions.
In addition to
location and occupancy, Broadway 101 offers underground parking, a card-key
access system, on-site deli and property management, and insta-suites ready for
immediate occupancy.
Seeger has been the project’s exclusive leasing broker since
2000 and is actively marketing the small vacancy remaining at the property.
For a complete copy of the company’s news
release, please contact:
Stacey Hershauer
480.600.0195
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