Lincoln and Harvard’s Waypoint Campus Becomes Largest Phoenix Office Sale of Year at $107.6 million

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.

Barry Gabel

Totaling four buildings and almost one-half-million square feet at the borders of Mesa, Tempe and Scottsdale, Arizona, the project is the highest-priced office sale of the year in metro Phoenix.

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

 “The property is a very strong addition to our diversified portfolio of U.S. office properties located in emergent top-tier markets. Waypoint provides an opportunity to leverage our team’s operational expertise, provide additional improvements for our tenants and potentially develop another building.”

“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

Waypoint is leased to a high-quality list of national and local tenants including Cognizant, Verra Mobility, Mitel, Ashton Woods, Beazer Homes, Nextcare, Udall Shumway and EPS Group. LPC, who has served as the property manager for all four buildings, will maintain the management assignment as part of the firm’s almost 10 million-square-foot Phoenix property management portfolio.

“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.

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.”

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.

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

Dave Carder and Scott Boardman of Cushman and Wakefield were the property’s leasing agents.

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. 

Dave Carder

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.

About Harvard Investments:

Harvard Investments, Inc. is a real estate investment and development company with real estate holdings throughout the western United States. 

Scott Boardman

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.

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. 

John Orsak

To learn more, please visit
 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. 

To learn more about Lincoln Property Company, please visit 
www.lpc.com or www.lpcphx.com.

Contact:

Stacey Hershauer

480.600.0195

stacey@focusaz.com