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| Aerial rendering of planned Waypoint office development on borders of Tempe, Scottsdale and Mesa, AZ |
PHOENIX, Feb. 24, 2016 –
With the just-closed, $34.34 million office acquisition of Riverview Point,
Harvard Investments and Lincoln Property Company (LPC) will combine new
construction with existing buildings to establish a 425,861-square-foot, Class
A office campus at the borders of Tempe, Scottsdale and Mesa, Arizona.
The new development,
branded collectively as Waypoint,
will combine Harvard and LPC’s recently delivered Waypoint One Class A office
building, their soon-to-break-ground Waypoint Two Class A office building and
the existing, two-building Riverview Point portfolio. The result is a
four-building business campus situated on 34.53 acres along the Loop 202 and
adjacent to Mesa Riverview, a 1.3 million-square-foot retail, hospitality and
entertainment complex.
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| Dave Krumwiede |
“With this activity, we’re
establishing an almost half-million-square-foot office destination within one
of the Valley’s brightest business corridors,” said Craig Krumwiede, President of Harvard Investments. “It is a
tremendous opportunity to create a very strong new portfolio asset in the
market.”
Developed in 2008,
Riverview Point consists of two, two-story office buildings totaling 164,861
square feet at 1138 and 1146 N. Alma School Rd. in Mesa. The project is 98
percent leased to tenants including Ashton Woods, Mitel Corporation, Udall
Shumway PLC and the corporate headquarters for Nextcare. Harvard and LPC will
roll out a building renovation plan at Riverview Point that includes new paint,
interior renovations and new monument signage to build the cohesive Waypoint
brand.
The newly acquired
buildings sit adjacent to Waypoint One, a two-story, 108,000-square-foot Class
A project that was developed and fully pre-leased last year by Harvard and LPC.
Located at 1150 N. Alma School Rd. in Mesa, Waypoint One is now 100 percent
occupied by American Traffic Solutions (ATS). ATS moved into Waypoint One in
November, consolidating approximately 500 employees from Scottsdale and Tempe
to create a new corporate headquarters.
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| Craig Krumwiede |
In March, Harvard and LPC
will break ground on Waypoint Two, a 152,000-square-foot Class A office
building adjacent to Waypoint One at 1130 N. Alma School Rd. in Mesa. Waypoint
Two is designed to accommodate single- and multiple-occupancy users.
Like Waypoint
One, it will provide a “high-tech” aesthetic with clean lines, timeless
materials, simple detailing, bright and open lobbies and workspaces, and
abundant parking.
“On its own, Riverview
Point is a successful project that is almost fully leased to a roster of stable
tenants. Waypoint One adds the vibrancy of American Traffic Solutions and
Waypoint Two gives us the runway to expand on that vibrancy,” said Lincoln
Property Company’s Executive Vice President David Krumwiede. “By controlling this entire site, we have the
flexibility and freedom to build a very distinct and modern office footprint in
the East Valley.”
The new four-building
Waypoint campus sits just six miles east of Phoenix Sky Harbor International
Airport, with convenient access to Loop 101 at Rio Salado Parkway and the Loop
202 at Dobson and Alma School roads.
Waypoint is less than one mile from the
new Cubs Spring Training Facility and the newly reconfigured Riverview Park. It
joins an established business and hospitality environment that includes the
mixed-use Mesa Riverview, a Hyatt Place Hotel and a 180-room, upscale brand
Sheraton Hotel with amenities including full-service restaurants, bars,
swimming pool, fitness facility and more than 30,000 square feet of meeting and
event space.
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| Barry Gabel |
Barry Gabel
and Chris Marchildon of CBRE
represented the seller, R&R Riverview LLC, in the Riverview Point
transaction. The financing partner is BMO Harris.
LPC will manage all four
buildings at the project, adding Waypoint to its more than 8 million-square-foot
Phoenix property management portfolio.
To discuss leasing at
Waypoint, contact Dave Carder or Luke
Walker of CBRE at (602) 735-5555.
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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