X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MESA, AZ-The Stapley Center, a 272,708-sf office campus that was named the 2001 Building of the Year, has been acquired for about $34.4 million in cash by Newport Beach, CA-based PMRealty Advisors.

The recently completed three-building office complex, located at the junction of Interstate 60 and Stapley Drive, won the category for buildings over 200,000 sf in the annual competition by the Arizona Chapter of the National Association of Industrial and Office Properties.

Dennis Desmond, senior managing director for Insignia/ESG in Phoenix, tells GlobeSt.com that it is the third complex PMRealty Advisors has purchased from Scottsdale developer Denali National Trust Inc., whose “Instasuite” concept of self-contained office space has won a huge following among tenants.

“PMRealty Advisors is comfortable with the product Denali delivers, particularly the ‘Instasuite’ concept because it doesn’t require a lot of renovation once the tenant moves out,” said Desmond, who brokered the deal for both parties along with Insignia/ESG managing director Trevor Klinkhamer. “It’s space that a majority of tenants in the 2,000- to 7,000-sf range are very comfortable with,” Desmond said.

The firm’s latest acquisition is 90% occupied with tenants ranging from the University of Phoenix, which has 37,621 sf of office and classroom space in the building, to Accustic Technologies, which occupies 21,745 sf and Concord Financial, which leases 14,690 sf.

PMRealty Advisors, a pension fund advisory firm which currently manages about $2 billion in assets, also owns two other Denali-built properties, the Broadway 101 building, a two-story, 161,411-sf office center at Broadway and the Loop 101 in Tempe, and Northsight Financial Center, a 119,911-sf complex located near Northsight Boulevard off the Loop 101 in Scottsdale. Both properties are managed and leased by Insignia/ESG.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.