{"id":1004057882,"date":"2013-01-18T07:09:07","date_gmt":"2013-01-18T15:09:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004057882"},"modified":"2022-12-08T18:59:27","modified_gmt":"2022-12-09T02:59:27","slug":"parkway-properties-buys-264-ksf-tempe-office-tower-for-66m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/parkway-properties-buys-264-ksf-tempe-office-tower-for-66m\/","title":{"rendered":"Parkway Properties Buys 264 KSF Tempe Office Tower for $66M"},"content":{"rendered":"<p><em>By Keith Loria, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/PARKWAY.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004057884\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/parkway-properties-buys-264-ksf-tempe-office-tower-for-66m\/parkway\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/PARKWAY.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"PARKWAY\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/PARKWAY.jpg?w=800\" class=\"alignleft size-medium wp-image-1004057884\" title=\"PARKWAY\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/PARKWAY.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/PARKWAY.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/PARKWAY.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/PARKWAY.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Parkway Properties Inc. of Orlando, Fla., has cemented its presence in the Tempe office market with the $66.10 million acquisition of Tempe Gateway, an eight-story, Class A multi-tenant office building.<\/p>\n<p>CBRE negotiated the sale on behalf of the buyer, which purchased the property from Gateway Tempe L.L.C., a company formed by Seattle, Wash.-based Vulcan Inc.<\/p>\n<p>\u201cParkway has had a lot of success in this market,\u201d Jim Fijan, CBRE\u2019s executive vice president in Phoenix, told <em>Commercial Property Executive<\/em>. \u201cThe rents are in a position where they are going to start upticking because there\u2019s no new product being added to the market. We\u2019ve had two years of pretty decent absorption and the trend is in the right direction.\u201d<\/p>\n<p>Located at 222 S. Mill Ave., this is Parkway Properties\u2019 third office property in the area, with Hayden Ferry Lakeside I and II both enjoying exceptional leasing success. The company now owns 787,842 square feet in downtown Tempe, giving it control of 52.8 percent of all Class A office product in the submarket.<\/p>\n<p>\u201cThey control the two largest Class A assets in downtown Tempe and they felt this would be a natural acquisition for them so they could control the market from a rent standpoint,\u201d Fijan said. \u201cThey like to get a high concentration of Class A markets so they are not competing down the street with someone not in the same mindset as they are as to where the rents should be.\u201d<\/p>\n<p>The 263,936-square-foot Tempe Gateway was developed by Opus West Corp. in 2009, before it lost the property to foreclosure. Vulcan acquired the asset in shell condition later that year and has raised its occupancy to 74 percent.<\/p>\n<p>\u201cThe reason people like this market is it has great access to the freeway, has a high concentration of skills for employees, it has access to the light rail and it\u2019s in an area of Metropolitan Phoenix where it has good access to employment,\u201d Fijan said. \u201cWith no new product immediately available and strong demand for Class A space in downtown Tempe, Tempe Gateway provides Parkway with additional leasing opportunities in the area and a significant share of the market.\u201d<\/p>\n<p>Beyond its three buildings in the marketplace, Parkway also recently acquired another Hayden Ferry Lakeside land parcel to develop a third high rise and will control the next phase of development in the Class A market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Parkway Properties  has cemented its presence in the Tempe office market with the $66 million acquisition of Tempe Gateway, an eight-story, Class A multi-tenant office building.<\/p>\n","protected":false},"author":451,"featured_media":1004057884,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747],"tags":[],"class_list":["post-1004057882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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