{"id":1004563376,"date":"2022-01-11T11:58:03","date_gmt":"2022-01-11T19:58:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004563376"},"modified":"2022-12-08T16:30:49","modified_gmt":"2022-12-09T00:30:49","slug":"holualoa-cos-pays-50m-for-phoenix-office-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/holualoa-cos-pays-50m-for-phoenix-office-park\/","title":{"rendered":"Holualoa Cos. Pays $50M for Phoenix Office Park"},"content":{"rendered":"
\"\"<\/a>

2111 E. Highland Ave.<\/p><\/div>\n

In a $50.1 million deal, Holualoa Cos.<\/strong> has acquired Park One, a 217,433-square-foot office development in Phoenix. A Cushman & Wakefield<\/strong> team represented Velocis<\/strong>, the property\u2019s seller, in the transaction.<\/p>\n

Lee & Associates<\/strong> 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.<\/strong>, an industrial general contractor, HilgartWilson<\/strong>, a civil engineering firm, and JCJ Architecture<\/strong> among others.<\/p>\n

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.<\/span><\/p>\n

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READ ALSO<\/strong>: 6 Major Moments for Phoenix in 2021<\/a><\/p>\n

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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. <\/span>The property is <\/span>within a short distance of numerous retail and dining options.<\/span><\/p>\n

Extensive upgrades
\n<\/span><\/h2>\n

Developed almost 40 years ago, Park One last underwent cosmetic renovations between 2012 and 2014 under McCarthy Cook & Co.<\/strong> and Morgan Stanley Real Estate<\/strong>\u2019s joint ownership. In 2016, the partnership sold the asset to Velocis for $39 million, according to CommercialEdge<\/strong> data.<\/span><\/p>\n

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 caf\u00e9 and a conference center. The electrical and air filtration systems have also been upgraded. Further repositioning plans call for extensive landscaping around the property\u2019s 2-acre lake, the creation of a coworking area and the remodeling of the vacant suites.\u00a0<\/span><\/p>\n

The company is not new to the Phoenix office market. <\/span>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<\/a> for the 98,958-square-foot office asset.\u00a0<\/span><\/p>\n

Earlier in 2020, Holualoa and Plaza Cos.<\/strong> worked together to deliver the second phase of Plaza Central, a 193,000-square-foot, two-story office tower<\/a> at 3141 N. Third Ave. in Midtown Phoenix. At the time, the project was one of the largest developments in Phoenix.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The company plans extensive capital improvements at the property.<\/p>\n","protected":false},"author":1366,"featured_media":1004563382,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,1601,15],"tags":[32799,49261,32762,33083],"class_list":["post-1004563376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-phoenix","category-west","tag-cushman-wakefield","tag-holualoa-companies","tag-lee-associates","tag-velocis"],"acf":[],"yoast_head":"\nHolualoa Cos. 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