CBRE announced the sale of 140,161 square-foot Concorde Commerce Center in Phoenix to Idaho-based Stafford Holdings for $23 million.
CBRE’s Barry Gabel, Chris Marchildon, Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, and Gary Cornish represented the seller, a joint venture between Phoenix-based ViaWest Group and New York-based Taconic Capital Advisors.
The three-story chevron-shaped property, located at 2222 West Dunlap Avenue, features a contemporary design with an extensive glass line, a two-story atrium lobby, and floor plates situated for tenants of all sizes. The building is currently 84 percent leased to Ciox/Datavant, a major health data provider, and Kiewit, a construction and engineering company. The property is positioned within an opportunity zone with frontage on the expanding METRO Light Rail and is proximate to the soon-to-be-redeveloped MetroCenter Mall.
The CBRE team previously sold the property to ViaWest Group and Taconic as a 13 percent leased, value-add opportunity. Since acquiring the building in January 2018, ViaWest Group successfully leased the property to two major users, upgraded operational systems, added LED lighting, renovated the common area corridors, and recently completed spec suites for the balance of the remaining vacancy.
“This property is one of the nicest in the sub-market, and we are extremely proud of bringing life back to it over the last few years,” said Steven Schwarz, Founding Partner of ViaWest. ”We created a vision, like we have done with so many other assets in the Phoenix market, and then our team worked hard to bring it to fruition. We are indebted to CBRE for initially bringing us the opportunity and then running a stellar disposition process, and to Colliers and JLL for the amazing job leasing up the building.”
This is Stafford’s second acquisition in the Phoenix area in the past five months. In September 2021, the CBRE team sold to Stafford North Loop 101 Building D, an 88,696-square-foot, two-tenant, 100 percent occupied, Class A office building for $22.1 million.
“This is now the second seamlessly executed transaction we have completed with Stafford in the I-17 Corridor in less than a year,” said Gabel. “They are firmly committed to expanding their presence within the Metro Phoenix marketplace.”
Added Marchildon, “This was a successful collaboration between CBRE professionals in Arizona and Southern California, which provided our client, ViaWest, access to an immense buyer pool, which ultimately created a win-win scenario for each of these excellent investors.”