MESA, ARIZ. — Buchanan Street Partners has acquired Stapley Corporate Center, a 180,000-square-foot office property in the Phoenix suburb of Mesa, for $32.5 million. The two-building, Class A center is located at 1840 and 1910 South Stapley Drive, near the border of Mesa and Gilbert.
Stapley is 90 percent occupied. Tenants with long-term leases include Cigna Healthcare and Wells Fargo.
Chris Toci and Chad Little of Cushman & Wakefield of Arizona represented the seller and original developer, the DESCO Group, in this transaction. Buchanan was self-represented. JLL’s Mark Gustin will handle the center’s leasing.
Buchanan is targeting value-add investment properties within the Phoenix market. It currently owns 1.4 million square feet of properties in this market, including Mesa Corporate Center and the 260-unit Vue Park West in Peoria, which closed earlier this year.