By Razvan Cimpean
JLL, through managing directors Mark Detmer, Bo Mills and Mark Gustin, and Vice President Ryan Sitov, recently represented a joint venture between ViaWest Group and Blue Vista Capital in the sale of Nexus @ ASU Research Park. Gramercy Property Trust, in partnership with TPG, acquired the two-story, 123,864-square-foot property in Tempe, Ariz., for $27.6 million.
Constructed as a research and development facility in 1998, the building was purchased by ViaWest in 2013 for $3 million. The company invested several million dollars in a complete modernization program and transformed the property for office use. At the time of the transaction, the asset was fully leased by an online retailer.
“This building’s excellent location, extensive upgrades and investment-grade tenancy made this a sought after asset,” Detmer said in prepared remarks. “We continue to see tech companies push demand for office buildings like this, and expect the trend to continue as large companies find value in Phoenix and the surrounding metro.”
Image courtesy of Yardi Matrix