Buchanan Buys Stapley Corporate Center for $33M

Buchanan Street Partners, a Newport Beach-based national real estate investment bank, completed the purchase of the Stapley Corporate Center in Mesa, Arizona for $32.5 million. Buchanan purchased the two-building Class A office complex from The DESCO Group, which originally developed the property in 2007. Chris Toci and Chad Little of Cushman & Wakefield of Arizona represented the seller in the transaction, while Buchanan Street represented itself. Mark Gustin of Jones Lang LaSalle will handle leasing for the property, according to a press release.

"This property will continue to attract top tenants seeking high-image office space in the East Valley, based both upon the quality of the building and the continued Phoenix recovery," said Brian Payne, Vice President of Buchanan Street Partners. "The project benefits from a location adjacent to executive housing in Gilbert and is in close proximity to more than 2 million square feet of retail services in the immediate area."

The two buildings at 1840 and 1920 South Stapley Drive cover 180,000 square feet of rentable space with immediate access to Highway 60. The property was 90% leased at the time of sale, with major long term leases in place with tenants including Cigna Healthcare and Wells Fargo.

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