BUCHANAN STREET ADDS TO PORTFOLIO WITH $32.5 MILLION PURCHASE OF MESA OFFICES
As Reported by BREW.
Mesa – A company formed by Buchanan Street Partners in Newport Beach, Calif. (Robert Brunswick, Tim Ballard, principals) paid $32.5 million ($180.49 per foot) to buy a 180,067-square-foot office project located at the northwest corner of Stapley Drive and Baseline Road in Mesa. The seller was DAZ3-Stapley LLC, a company formed by The DESCO Group Inc. in St. Louis, Mo. (Mark Schnuck, pres.). The sale was brokered through Chris Toci and Chad Littell of Cushman & Wakefield of Arizona Inc. in Phoenix. The two-building complex, called Stapley Corporate Center I & II, was 93 percent occupied at closing. The leasing is being handled by Phoenix-based Jones Lang LaSalle agents Mark Gustin, Dave Seeger and Karsten Peterson, who also participated in the sale. The two-story structures, which were built in 2007 and 2008, include a 90,566-square-foot building located at 1840 S. Stapley and a 89,501-square-foot office at 1910 S. Stapley. Records show BGP Stapley Corporate Center LLC (the buying entity) paid cash for the property. The purchase was made through the Blue and Gold Partners investment fund advised by Buchanan Street Partners.
In December 2004, BREW reported DESCO Southwest in Phoenix (Bruce Gillespie, Ann Gillespie, principals) buying a 17.5-acre parcel and planning to develop the offices and 30,000 sq. ft. of retail space. DESCO Southwest, a wholly-owned subsidiary of The DESCO Group, previously sold the retail component of the project. The privately-held Buchanan Street Partners (BSP), which is a subsidiary of The TCW Group Inc. (TCW) in Los Angeles, Calif., has $5+ billion in real estate assets located in 17 states throughout the country.
The 150 properties are comprised of office, industrial, retail and multi-family projects. Buchanan Street Partners manages commingled and separate account real estate funds on behalf of institutional and private investors. BSP now has 1.4 million sq. ft. of real estate assets in the Phoenix area. The company is looking for more investment opportunities in the Valley. In February, BREW reported BSP paying $13.2 million ($124.44 per foot) to buy a 106,077-square-foot office at 1001 W. Southern Avenue in Mesa. Get more from Ballard at (949) 721-1414. Reach the Gillespies at (602) 445-4404. Talk to the Cushman & Wakefield agents at (602) 253-7900. The Jones Lang LaSalle agents are at (602) 282-6300.