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Waypoint totals four buildings and almost one-half-million square feet at the borders of Mesa, Tempe and Scottsdale, AZ |
MESA, AZ – Following the
execution of a strategic development, repositioning and leasing plan, Harvard
Investments and Lincoln Property Company (LPC) have sold
the Waypoint suburban Class A office campus for $107.6 million to
Innovatus Capital Partners LLC (Innovatus), an independent advisor and
portfolio management firm headquartered in New York City.
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| Barry Gabel |
The seller was
represented by Barry Gabel, Chris Marchildon and Will Mast of CBRE.
Waypoint, which sits near the
confluence of the Loop 101 and 202 freeways within the highly amenitiezed
Riverview District, is 98 percent leased.
“Waypoint was developed with a
clear vision in one of the tightest, growing and popular office markets in metro
Phoenix,” said Bradley Seiden, Managing Director of Innovatus.
 |
| Chris Marchildon |
“Waypoint is a fantastic success
story, encompassing two ground-up buildings developed by Harvard and Lincoln,
and two buildings that we purchased, redeveloped and rebranded to create a
cohesive office campus that now employs nearly two thousand,” said Harvard
Investments President and CEO Craig Krumwiede.
 |
| Will Mast |
“This sale marks the seventh U.S.
transaction that Lincoln has completed with Innovatus in just 18 months,” said
Lincoln Property Company Executive Vice President Dave Krumwiede.
“We have a great
history together and appreciate expanding the Innovatus and Lincoln partnership
to greater Phoenix.
"We look forward to continuing our work with Innovatus and driving economic success in their targeted markets.”
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| Dave Krumwiede |
"We look forward to continuing our work with Innovatus and driving economic success in their targeted markets.”
Harvard and LPC developed the
first, 108,956-square-foot building at Waypoint in 2014 as a build-to-suit that
was fully pre-leased to Verra Mobility (formerly American Traffic Solutions)
before the building was completed.
In 2016 the partnership completed a second,
153,134-square-foot building and purchased two adjacent, existing buildings to
create the four-building, 426,951-square-foot Waypoint campus, which spans 36
acres in the rapidly growing Riverview District.
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| Craig Krumwiede |
Tenants at Waypoint enjoy a high-tech modern aesthetic, multi-story lobbies, creative workspaces, amenity areas and outdoor collaborative spaces.
The Harvard/LPC-constructed buildings also offer 14-foot open ceilings and glass windows that begin at floor level and extend 11 feet high.
Waypoint sits adjacent to the mixed-use Riverview District, offering 1.3 million square feet of retail, restaurants, entertainment and the upscale Sheraton and Hyatt Place hotels.
Also within
Riverview are Riverview Lake and Sloan Park, home of the Chicago Cubs spring
training facility.
Waypoint is located
just six miles east of Phoenix Sky Harbor International Airport and is minutes
from Arizona State University’s main campus. The location provides convenient
access to Loop 101 at Rio Salado Parkway, and the Loop 202 at Dobson and Alma
School roads.
 |
| Bradley Seiden |
For more on Waypoint, please visit
the property website at www.waypointarizona.com.
To discuss
leasing, investment or property management opportunities with Lincoln Property
Company in the Desert West region, please call David Krumwiede or John
Orsak at (602) 912-8888.
About Innovatus Capital Partners:
Innovatus adheres to
an investment strategy that identifies distressed, disruptive and growth
opportunities in the less obvious market segments across multiple asset
categories with a unifying theme of capital preservation, income generation and
upside optionality.
The firm has a dedicated team of real estate investment
professionals. They have deep experience in commercial real estate acquisitions,
recapitalizations and asset management across core-plus and opportunistic real
estate investments.
Their scope covers all property types, including office, retail, hotel, medical, industrial and warehouse.
Innovatus and its principals have significant real estate experience with ventures that range from the creation of a CMBS lending group and servicing platform to making equity investments in developments and single asset purchases.
Further information can be found at www.innovatuscp.com.
 |
| Dave Carder |
Their scope covers all property types, including office, retail, hotel, medical, industrial and warehouse.
Innovatus and its principals have significant real estate experience with ventures that range from the creation of a CMBS lending group and servicing platform to making equity investments in developments and single asset purchases.
Further information can be found at www.innovatuscp.com.
About Harvard Investments:
Harvard Investments,
Inc. is a real estate investment and development company with real estate
holdings throughout the western United States.
Harvard combines experience,
integrity and financial stability to create high quality, environmentally
sensitive, profitable communities.
Harvard’s Canadian parent, the Hill Companies, is a privately held diversified company involved in real estate development including construction and leasing of commercial office buildings and retail properties, oil and gas production and distribution, broadcasting, surety bonding, and insurance.
The Hill Companies have been under continuous family ownership and operation since 1903.
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| Scott Boardman |
Harvard’s Canadian parent, the Hill Companies, is a privately held diversified company involved in real estate development including construction and leasing of commercial office buildings and retail properties, oil and gas production and distribution, broadcasting, surety bonding, and insurance.
The Hill Companies have been under continuous family ownership and operation since 1903.
Harvard
Investments’ portfolio encompasses a variety of high-quality residential
and commercial projects across the southwest . The assets include Cadence at
Gateway, Waypoint and Union in Mesa; Rancho Mirage and The Lakes at
Rancho El Dorado in Maricopa; Verde Trails in Avondale, Trailside Point in
Phoenix, Talking Rock in Prescott, Mariposa near Albuquerque and Gregg Ranch
near Austin.
To learn more, please visit
http://www.harvardinvestments.com.
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| John Orsak |
http://www.harvardinvestments.com.
About Lincoln
Property Company:
Lincoln Property Company (LPC) is
an international full service real estate firm offering real estate investment,
development, design/construction management, leasing and property management/
receivership/asset management services.
LPC has approximately 8,000 employees with an international footprint that includes offices in 45 cities across the U.S. and six cities in Europe and South America.
Since 1965, LPC has developed more than 128 million square feet of office, industrial and retail projects known for their design, quality and superior locations. It currently has more than 406 million square feet of commercial space under leasing and/or management.
LPC has approximately 8,000 employees with an international footprint that includes offices in 45 cities across the U.S. and six cities in Europe and South America.
Since 1965, LPC has developed more than 128 million square feet of office, industrial and retail projects known for their design, quality and superior locations. It currently has more than 406 million square feet of commercial space under leasing and/or management.
Contact:
Stacey Hershauer
480.600.0195
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