Lee & Associates Arizona has closed on the the $40.85 million, three-office building sale of Papago Arroyo.
The buildings are located at 1255, 1275 and 1295 E. Washington Street., in Phoenix.
The Class A buildings total 279,503 square-feet ($146.15/SF), and are situated on a ground lease with 68 years remaining, a press release said.
They are currently 96 percent leased.
The buildings were developed in 1998, and the property offers 5 per 1,000 ratio of parking, close access to major freeways, light rail stations and Phoenix Sky Harbor International Airport, the release said.
Lee & Associates’ Coppola-Cheney Group and Jerry Marrell, Principal, negotiated the sale along with Bob Young and Glenn Smigiel of CBRE. The buyer was listed as Papago Arroyo Associates, LLC of Honolulu, HI. The seller was Greenwood & McKenzie RE Investments, of Tustin, CA.
“Papago Arroyo is part of the story that keeps getting better in Tempe. Located along the light rail system, this three-building campus is only minutes away from Phoenix Sky Harbor Airport, three major freeways and Arizona State University, which will always make it attractive to tenants,” said Andrew Cheney. “The new development underway in Tempe only adds to this property’s upside, he added.
