{"id":1004036576,"date":"2012-02-15T06:36:00","date_gmt":"2012-02-15T14:36:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004036576"},"modified":"2022-12-08T17:54:33","modified_gmt":"2022-12-09T01:54:33","slug":"parkway-properties-takes-tempes-hayden-ferry-lakeside-ii-for-86m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/parkway-properties-takes-tempes-hayden-ferry-lakeside-ii-for-86m\/","title":{"rendered":"Parkway Properties Takes Tempe\u2019s Hayden Ferry Lakeside II for $86M"},"content":{"rendered":"<p><strong>February 15, 2012<\/strong><br \/>\n<em>By Nicholas Ziegler, News Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/02\/021512-Hayden-Ferry-II-Tempe-Arizona.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/02\/021512-Hayden-Ferry-II-Tempe-Arizona.jpg\" alt=\"\" title=\"021512 - Hayden Ferry II Tempe Arizona\" width=\"300\" height=\"222\" class=\"alignright size-medium wp-image-1004036577\" \/><\/a><\/p>\n<p>The 12-story, Class A Hayden Ferry Lakeside II office building has just sold for $86 million to an affiliate of Parkway Properties Inc., which also owns the adjacent Hayden Ferry Lakeside I building. The property was purchased from an undisclosed seller.<\/p>\n<p>\u201cThe exceptional leasing success at Hayden Ferry I made this a natural acquisition,\u201d Jim Fijan, executive vice president with CBRE, said.  \u201cI believe Hayden Ferry Lakeside II is a great compliment to Parkway\u2019s neighboring asset.\u201d CBRE Group Inc. represented Parkway in the transaction.<\/p>\n<p>As of March 2011, the building was owned by New York-based Sumitomo Corp. of America, which had acquired the property in 2008 from developer SunCor for $92.5 million. The Lakeside II building is located in a mixed-use project with an aggregate 1.6 million square feet of office, residential and retail space amid pedestrian and open space along Tempe Towne Lake. Lakeside II was 95 percent leased at the time of sale and counts MetLife and KPMG among its tenants.<\/p>\n<p>\u201cThe Phoenix office-leasing market has turned and is gaining momentum,\u201d Kevin Shannon, managing director with CBRE, said. \u201cIt was one of only eight office markets nationally that absorbed over 1.8 million square feet in 2011, with much of that absorption focused in Class A office assets like Hayden Ferry Lakeside. This transaction again demonstrated capital\u2019s continued desire for core office product.\u201d<\/p>\n<p>Other reports corroborate Shannon\u2019s sentiments. A January 2012 outlook from NAI Horizon noted that, \u201cthough conditions remain weak, 2011 saw an increase in in-migration population and new job creation, creating optimism and improvement in the (office) sector.\u201d  Vacancy rates for the Phoenix office market dropped to 20.7 percent in the fourth quarter of 2011 from the previous quarter\u2019s 21.5 percent.<\/p>\n<p>\u201cAt the close of 2011,\u201d NAI Horizon noted, \u201cexperts expect that commercial real estate will accelerate more. Various worldwide factors can change predictions in an instant; however, better times are expected in 2012.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 12-story, Class A Hayden Ferry Lakeside II office building has just sold for $86 million to an affiliate of Parkway Properties Inc., which also owns the adjacent Hayden Ferry Lakeside I building.<\/p>\n","protected":false},"author":1201,"featured_media":1004038868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21808,21742,21747],"tags":[],"class_list":["post-1004036576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-featured","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Parkway Properties Takes Tempe\u2019s Hayden Ferry Lakeside II for $86M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/parkway-properties-takes-tempes-hayden-ferry-lakeside-ii-for-86m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Parkway Properties Takes Tempe\u2019s Hayden Ferry Lakeside II for $86M\" \/>\n<meta property=\"og:description\" content=\"The 12-story, Class A Hayden Ferry Lakeside II office building has just sold for $86 million to an affiliate of Parkway Properties Inc., which also owns the adjacent Hayden Ferry Lakeside I building.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/parkway-properties-takes-tempes-hayden-ferry-lakeside-ii-for-86m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-02-15T14:36:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:54:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/02\/021512-Hayden-Ferry-II-Tempe-Arizona.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"445\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/parkway-properties-takes-tempes-hayden-ferry-lakeside-ii-for-86m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/parkway-properties-takes-tempes-hayden-ferry-lakeside-ii-for-86m\/\",\"name\":\"Parkway Properties Takes Tempe\u2019s Hayden Ferry Lakeside II for $86M - 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