CBRE announced the sale of Waypoint, a 426,951-square-foot Class A suburban office property in Mesa, Ariz. for $107.6 million. The buyer was an affiliate of New York-based Innovatus Capital Partners, LLC.
Barry Gabel, Chris Marchildon and Will Mast of CBRE in Phoenix represented the sellers and building developers, Scottsdale, AZ based Harvard Investments and Lincoln Property Company (LPC).
Waypoint is a Class A office development comprised of four buildings – two buildings developed by Harvard and LPC between 2015 and 2017, and two existing, adjacent buildings that were acquired, updated and rebranded by the companies to create the full, 426,951-square-foot Waypoint campus. Waypoint is located at a strategic location near the confluence of the Loop 101 & Loop 202 freeways at 1130, 1138, 1146 and 1150 North Alma School Road in Mesa.
The property is positioned on 36 acres within the 250-acre Mesa Riverview mixed-used development, benefitting from an abundance of retail, restaurant, entertainment and hotel amenities nearby, including Sloan Park spring training facility and a 152-room Hyatt Place. The development offers multiple points of ingress and egress and is accessible by 2.7 million residents in less than a 40-minute drive.
Waypoint is 98 percent leased to tenants such as Cognizant, Verra Mobility, Mitel, Beazer Homes and other professional services, legal, financial and technology firms.
“Waypoint features a collection of strong and diversified tenants, many of whom have deep roots in Mesa,” said CBRE’s Barry Gabel. “Below-market rents will allow the buyer to take advantage of a stabilized rent roll with upside upon renewal and new leasing, as well as the ability to go vertical with another Class A office building. These factors make this asset a solid investment for years to come.”