{"id":1004716586,"date":"2024-06-10T04:17:58","date_gmt":"2024-06-10T12:17:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004716586"},"modified":"2024-06-10T04:21:19","modified_gmt":"2024-06-10T12:21:19","slug":"bank-of-america-leased-campus-sells-for-44m-in-phoenix","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bank-of-america-leased-campus-sells-for-44m-in-phoenix\/","title":{"rendered":"Bank of America-Leased Campus Sells for $44M in Phoenix"},"content":{"rendered":"\n

<\/p>\n\n\n

\n
\"Sky
Sky Harbor Center comprises five office buildings. Image courtesy of Cushman & Wakefield<\/em><\/figcaption><\/figure><\/div>\n\n\n

A private investor has paid $44.3 million for the leasehold interest in Sky Harbor Center, a recently renovated, 534,849-square-foot office campus in Phoenix. The buyer financed the purchase with a $43.6 million loan from Zions Bank, public records show. Cushman & Wakefield arranged the sale, reportedly the largest office transaction by square footage in metro Phoenix so far this year.<\/p>\n\n\n\n

The buyer was Mark Heymann, of Dallas, and the seller was Link Logistics, according to CommercialEdge information. The latter had acquired the Class B asset from KBS Realty Advisors in December 2012 as part of a $242.5 million portfolio deal.<\/p>\n\n\n\n

Bank of America is Sky Harbor Center’s sole tenant. The banking institution has occupied the entire property since 1989. <\/p>\n\n\n\n

A Class B office campus in Phoenix<\/h2>\n\n\n\n

Sky Harbor Center came online in 1989 and is subject to a 65-year unsubordinated net ground lease held by the City of Phoenix, CommercialEdge data shows. The lease expires in June 2053.<\/p>\n\n\n\n

In addition to five office buildings of two or three stories, the approximately 37-acre campus at 1825 E. Buckeye Road includes a parking garage. Amenities include a fully renovated caf\u00e9, coffee\/juice bar and conference center, as well as outdoor areas for seating and events.<\/p>\n\n\n\n

Cushman & Wakefield’s Steve Lindley and Alexandra Loye represented the seller in the transaction, in cooperation with Will Strong and Molly Hunt of the firm\u2019s National Industrial Advisory Group – Mountain West and Eric Wichterman and Mike Coover with the firm\u2019s Private Capital Group. In addition, Jerry Roberts and Pat Boyle provided leasing advisory.<\/p>\n\n\n\n

Careful growth<\/h2>\n\n\n\n

Lindley said in a prepared statement that office properties are selling again as price discovery emerges and lenders slowly return to the market, but buyers pursue mostly office assets that have credit tenancy, a strong location and appealing on-site or nearby amenities.<\/p>\n\n\n\n

The metro Phoenix office market has been holding steady<\/a> as a Sun Belt leader in deal volume, according to a recent CommercialEdge report. The Valley witnessed $349 million in office sales year-to-date as of April, ranking third after the Bay Area ($469 million) and Dallas-Fort Worth ($357 million). <\/p>\n\n\n\n

At the end of May, Younan Properties bought 3200 Central<\/a>, a 25-story, 350,000-square-foot office tower in Phoenix, from DPC Cos. for $24.5 million. Newmark brokered the deal that closed for half of what the building had sold for in 2016.<\/p>\n","protected":false},"excerpt":{"rendered":"

This transaction reportedly was the largest office sale in the market so far this year. <\/p>\n","protected":false},"author":882,"featured_media":1004716630,"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":[49055,32799,51531,44357,48926],"class_list":["post-1004716586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-phoenix","category-west","tag-alexandra-loye","tag-cushman-wakefield","tag-link-logistics","tag-steve-lindley","tag-zions-bank"],"acf":[],"yoast_head":"\nBank of America-Leased Campus Sells for $44M in Phoenix - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"A private investor has paid $44.3 million for Sky Harbor Center, a recently renovated, 534,849-square-foot office campus in Phoenix.\" \/>\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\/bank-of-america-leased-campus-sells-for-44m-in-phoenix\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of America-Leased Campus Sells for $44M in Phoenix\" \/>\n<meta property=\"og:description\" content=\"A private investor has paid $44.3 million for Sky Harbor Center, a recently renovated, 534,849-square-foot office campus in Phoenix.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bank-of-america-leased-campus-sells-for-44m-in-phoenix\/\" \/>\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=\"2024-06-10T12:17:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-10T12:21:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/Sky-Harbor-Center-edited.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1067\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\/bank-of-america-leased-campus-sells-for-44m-in-phoenix\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/bank-of-america-leased-campus-sells-for-44m-in-phoenix\/\",\"name\":\"Bank of America-Leased Campus Sells for $44M in Phoenix - 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