On behalf of Invesco Real Estate, a global real estate investment manager, the Phoenix office of JLL has completed the sale of Stapley Center, a three-building, 277,264-square-foot Class A office campus located in the heart of Mesa, Arizona. The buyer is Artis REIT, a Canada-based real estate investment trust.
JLL Senior Managing Director Dennis Desmond, Managing Director Lynn LaChapelle and Senior Vice Presidents Peter Bauman and Tivon Moffitt represented Invesco Real Estate in the transaction. JLL Managing Director Dave Seeger serves as Stapley Center’s exclusive leasing broker.
According to JLL, Stapley Center has averaged 90 percent annual occupancy since its delivery to market in 2002 – a rate of performance notably exceeding general market results.
“Artis recognized the value of Invesco Real Estate’s meticulous maintenance at Stapley Center,” said Desmond. “That effort earned the project a 2017 TOBY Building-of-the-Year award for low-rise office buildings in metro Phoenix and has fostered Stapley Center’s exceptionally strong lease performance. Artis is confident that the office campus will continue to outperform the market in the years to come.”
“The East Valley is a highly sought-after market for corporate America and investor interest remains significant for office properties in this area of metro Phoenix,” said Moffitt. “It was a pleasure to work with these two exceptional companies, Artis and Invesco Real Estate, in what was a very smooth sale process.”
Located at 1620, 1630 and 1640 S. Stapley Dr. in Mesa, Stapley Center features three Class A, Energy Star certified office buildings with thoughtfully designed interiors, a full security card access system and on-site management offices. The property provides immediate access to the US 60 Superstition Freeway and is within walking distance to 20 restaurants, several banks and the neighboring Mesa Grand power center. Tenants at Stapley Center include ADESA, Cirrus Logic and Wallick & Volk.