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News release

Phoenix

Tech Growth Draws Investors to Phoenix

JLL & ViaWest complete $27.6 million sale of Nexus @ ASU Research Park


​​PHOENIX, May 8, 2017 – On behalf of a joint venture between Phoenix-based ViaWest Group and Chicago-based Blue Vista Capital, JLL's Capital Markets experts today announced the sale of Nexus @ ASU Research Park. This sale is an example of investors' growing interest in the strong office market in Phoenix, largely driven by the area's annual high-tech employment growth of 8.9 percent.

Gramercy Property Trust, in partnership with TPG, purchased the 123,864-square-foot Class A, Tempe, Arizona office building for $27.6 million.

Managing Directors Mark Detmer, Bo Mills and Mark Gustin, and Vice President Ryan Sitov, led the deal for JLL.

"This building's excellent location, extensive upgrades and investment-grade tenancy made this a sought after asset," said Detmer. "We continue to see tech companies push demand for office buildings like this, and expect the trend to continue as large companies find value in Phoenix and the surrounding metro."

Located just off Loop 101 on 10.5 acres in ASU Research Park, the building is fully leased to an online retailer. The surrounding office park includes amenities such as a day care center, six miles of jogging and bike trails, lakes, helipad, and security patrol.​

Nexus was purchased for $3 million in 2013, after which ownership invested several million dollars in a complete modernization capital program. "Nexus is a perfect example of how to take an obsolete suburban office building and transform it into a marquee property. We see a long runway for these kinds of opportunities," noted Gary Linhart of ViaWest Group.  

JLL 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 2016 alone, JLL Capital Markets completed $145 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.

About ViaWest Group

Established in 2003, ViaWest Group is a Phoenix-based full service commercial real estate acquisition, development, property management, investment and advisory firm. ViaWest Group has been one of the fastest growing real estate investment companies in the Valley over the last few years with over $300MM of acquisitions.  Since inception, ViaWest has been involved in over $600MM of acquisitions. ViaWest Group is looking to acquire and develop more office, industrial, retail and commercial land parcels in the Southwestern United States.

Visit www.viawestgroup.com or contact Steven Schwarz at (602) 957-8300 ext 102, sschwarz@viawestgroup.com or Gary Linhart at (602) 957-8300 ext 101, glinhart@viawestgroup.com.​

About Blue Vista Capital Management

Blue Vista is a leading investment management firm focused on helping investors maximize returns through best-in-class real estate strategies in middle market equity, student housing and middle market lending. Blue Vista offers investors the benefits of a vertically integrated platform, complementary strategies managed by experienced teams, and deep expertise as an owner, operator and lender. Since its inception in 2002, the firm has invested over $7.2 billion in total capitalization, with the goal of challenging the status quo, setting high standards and bringing a relationship-based, client-focused approach to real estate investing.