Holualoa Cos. Pays $50M for Phoenix Office Park

The company plans extensive capital improvements at the property.

2111 E. Highland Ave.

In a $50.1 million deal, Holualoa Cos. has acquired Park One, a 217,433-square-foot office development in Phoenix. A Cushman & Wakefield team represented Velocis, the property’s seller, in the transaction.

Lee & Associates has been retained as the leasing manager for the office campus. The business park is already home to a tenant roster that includes The Weitz Co., an industrial general contractor, HilgartWilson, a civil engineering firm, and JCJ Architecture among others.

The three-building park occupies 12 acres at 2111 and 2141 E. Highland Ave. The asset’s office component consists of a 130,190-square-foot, four-story building and a 65,109-square-foot, two-story building. The locations offer average floorplates of 34,015 and 32,555 square feet and a parking ratio of 4.5 spaces per 1,000 square feet. The property also includes a freestanding restaurant building.

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The business center is situated in a dense office submarket along the Camelback Corridor, some 6 miles north of downtown Phoenix. The property is within a short distance of numerous retail and dining options.

Extensive upgrades

Developed almost 40 years ago, Park One last underwent cosmetic renovations between 2012 and 2014 under McCarthy Cook & Co. and Morgan Stanley Real Estate’s joint ownership. In 2016, the partnership sold the asset to Velocis for $39 million, according to CommercialEdge data.

Holualoa Cos. has rebranded the park as WaterView and has already started renovating the asset. First upgrades included improvements to the common areas as well as the addition of a gym, a café and a conference center. The electrical and air filtration systems have also been upgraded. Further repositioning plans call for extensive landscaping around the property’s 2-acre lake, the creation of a coworking area and the remodeling of the vacant suites. 

The company is not new to the Phoenix office market. In June of last year, Holualoa Cos. has completed the sale of an eight-building campus located 17 miles from downtown Phoenix in Glendale, Ariz. Woodside Health paid $18.2 million for the 98,958-square-foot office asset. 

Earlier in 2020, Holualoa and Plaza Cos. worked together to deliver the second phase of Plaza Central, a 193,000-square-foot, two-story office tower at 3141 N. Third Ave. in Midtown Phoenix. At the time, the project was one of the largest developments in Phoenix. 

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