Jones Lang LaSalle’s Capital Markets team today announced the firm has completed the sale of Broadway 101 in Tempe on behalf of Broadway 101 Office Park, Inc. Sale price was reportedly $23.1M.
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,” Desmond said.
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% 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,” Ackerman said. “This particular building has averaged a sub-8% vacancy rate throughout its history. Combined with very strong sale metrics, this transaction is reminiscent of the pre-recession sales of 2005 to 2007.”
Totalling 162,484 SF, Broadway 101 is a Class A multi-tenant office campus directly adjacent to the Loop 101/Price Freeway at 2141 and 2151 E. Broadway Rd. in Tempe. The project is currently 94% 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.