{"id":1004332991,"date":"2019-06-24T05:07:10","date_gmt":"2019-06-24T13:07:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004332991"},"modified":"2019-06-24T05:07:10","modified_gmt":"2019-06-24T13:07:10","slug":"menlo-equities-acquires-phoenix-office-for-52m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/menlo-equities-acquires-phoenix-office-for-52m\/","title":{"rendered":"Menlo Equities Acquires Phoenix Office for $52M"},"content":{"rendered":"<div id=\"attachment_1004332997\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/Wells-Fargo-at-Papago-Park.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004332997\" data-attachment-id=\"1004332997\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/menlo-equities-acquires-phoenix-office-for-52m\/wells-fargo-at-papago-park\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/Wells-Fargo-at-Papago-Park.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" 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;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Wells Fargo at Papago Park\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Wells Fargo Building at Papago Park. &lt;i&gt;Image courtesy of NKF&lt;\/i&gt;&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/Wells-Fargo-at-Papago-Park.jpg?w=800\" class=\"wp-image-1004332997 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/Wells-Fargo-at-Papago-Park.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/Wells-Fargo-at-Papago-Park.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/Wells-Fargo-at-Papago-Park.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/Wells-Fargo-at-Papago-Park.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004332997\" class=\"wp-caption-text\">Wells Fargo Building at Papago Park. <i>Image courtesy of NKF<\/i><\/p><\/div>\n<p>An affiliate of Menlo Equities has purchased an office building fully occupied by Wells Fargo in Tempe, Ariz., for $52.4 million. The private real estate investment firm has acquired the property within Papago Park Center from Greenwood &amp; McKenzie.<\/p>\n<p>Built in 2004, the three-story, 214,303-square-foot asset changed hands for $244.51 per square foot. The property is located at 1150 W. Washington St. in the city just east of Phoenix. An NKF team consisting of CJ Osbrink, Kevin Shannon, Paul Jones, Ken White, Rick Stumm, Brunson Howard and Mike Garlick represented the seller in the marketing and sale of the asset. The buyer was self-represented.<\/p>\n<p>Papago Park Center is a roughly 500-acre, mixed-use development comprising 2.6 million square feet of office space, existing and under construction. Investors have poured $67.3 million into office product in the area over the past 24 months, according to NKF research. Demand from science, technology, engineering and math (STEM) and finance, insurance and real estate (FIRE) firms has pushed average class A rents to a historic high of $32.69 per square foot in the precinct.<\/p>\n<p>Lincoln Property Co. is developing 1.8 million square feet of Class A office space in the area, having <a href=\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-co-tops-out-az-office-asset\/\">topped out its second building<\/a>, the 352,000-square-foot The Grand at Papago Park Center 2, in March.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property, fully occupied by Wells Fargo, is situated within Papago Park Center, a large-scale mixed-use development in Tempe, Ariz.  <\/p>\n","protected":false},"author":744,"featured_media":1004332997,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21747,1601,15],"tags":[41393,33532,33084,42485,33531,33277],"class_list":["post-1004332991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-office","category-phoenix","category-west","tag-cj-osbrink","tag-kevin-shannon","tag-menlo-equities","tag-nkf","tag-paul-jones","tag-wells-fargo"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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