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| Warner Courtyards, Tempe, AZ |
PHOENIX, AZ – A
Tempe, Arizona address and quality tenancy were key to the $23 million sale of
Warner Courtyards, completed this week by the Phoenix office of JLL.
The seller was locally based building owner and manager
Hannay Realty Advisors. The property buyer, Simone Charitable Foundation Inc.,
acquired a 95 percent interest in the office building. Hannay retained 5
percent ownership interest in the property.
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| Brian Ackerman |
“The Simone Foundation
was very attracted to this building’s Tempe address and its roster of long-term
credit and blue chip tenants that operate within very stable industries,” said
JLL Senior Vice President Brian Ackerman, who brokered the
deal with JLL Senior Vice President Dan Postal.
“These advantages, along with the positive long-term
performance of the Southeast Valley office market, are hard to replicate.”
According to JLL, the
submarket is home to only 30.3 percent of the Valley’s office inventory, but
has accounted for almost 55 percent of the total net absorption in metro
Phoenix since 2010.
“That same ratio holds true as recently as the past 12
months, with Tempe recording 54.4 percent – or more than 621,000 square feet –
of the Southeast Valley’s 1.1 million square feet of total office absorption,”
said Ackerman.
Warner Courtyards is
located at 301 W. Warner Road, at the southeast corner of Warner and Kyrene
roads in the heart of Tempe.
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| Dan Postal |
The office building totals 114,054 square feet and features
single-story construction with high ceilings, a floor-to-ceiling glass line and
four interior courtyards.
It is less than two
miles from a full diamond interchange at Interstate 10, and approximately three
miles from the U.S. 60 and the Loop 101 and Loop 202 freeways. It is surrounded
by a highly educated workforce, popular residential communities, and is less
than 15 minutes from Sky Harbor International Airport.
Notable tenants at
Warner Courtyards include Cenlar FSB, Career Education Corp. and Global Lending
Services. The building has been institutionally managed by Hannay Realty
Advisors. Hannay will continue to manage the property under its new ownership.
For more news, videos and research resources on JLL,
please visit ir.jll.com or www.jll.co
For more information, please contact:
Contact: Stacey
Hershauer
Phone: +1
480 600 0195
