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Market fundamentals and competition are reminiscent of pre-recession deals
PHOENIX, July 24, 2013 – Jones Lang LaSalle’s Capital Markets experts today announced the firm has completed the sale of Broadway 101 in Tempe, Ariz. on behalf of Broadway 101 Office Park, Inc. GLL Real Estate Partners, Inc. purchased the property in a sale that brokers say was driven by high market demand and fundamentals reminiscent of pre-recession transactions.
Senior Managing Director Dennis Desmond, Senior Vice President Brian Ackerman and Managing Director Dave Seeger led the Jones Lang LaSalle team on this transaction.
“This is an attractive, highly visible, institutionally maintained office project that sits at the center of Tempe’s talented employment pool. These are qualities that create true sustainable value and to which investors responded quickly and very favorably,” said Desmond.
According to JLL’s Q2 Phoenix Office Statistics Report, Tempe’s Class A office inventory has enjoyed a steady recovery and continues to maintain its competitive position, with positive net absorption and a competitive 12.8 percent total vacancy rate.
“Broadway 101 exemplifies the strength of the recovering market and the type of high-caliber assets that investors can expect to find in the Valley,” said Ackerman. “This particular building has averaged a sub-8 percent vacancy rate throughout its history. Combined with very strong sale metrics, this transaction is reminiscent of the pre-recession sales of 2005 to 2007.”
Totalling 162,484 square feet, Broadway 101 is a Class A multi-tenant office campus located directly adjacent to the Loop 101/Price Freeway at 2141 and 2151 E. Broadway Rd. in Tempe. The project is currently 94 percent leased to tenants including MOOG/Broad Reach Engineering, Amerifirst Financial, Inc. and the Arizona corporate headquarters for Quantum Integrated Solutions. In addition to location and occupancy, Broadway 101 offers underground parking, a card-key access system, on-site deli and property management, and insta-suites ready for immediate occupancy.
Seeger has been the project’s exclusive leasing broker since 2000 and is actively marketing the small vacancy remaining at the property.
Jones Lang LaSalle is a leader in the Phoenix commercial real estate market. Employing nearly 400 of the region’s most recognized industry experts, the firm offers office and industrial brokerage, tenant representation, facility and investment management, capital markets and development services. In 2012, the Phoenix team completed 9 million square feet in lease transactions valued at $458 million, directed $63 million in project management and currently leases and/or manages a 19.8 million-square-foot portfolio. For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center webpage.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.
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