Harvard Investments, Lincoln Property Co. Sell Waypoint Office Campus in Metro Phoenix for $107.6M
MESA, TEMPE AND SCOTTSDALE, ARIZ. — Harvard Investments and Lincoln Property Co. (LPC) have completed the sale of Waypoint, a suburban Class A office campus located in Mesa, Tempe and Scottsdale. New York City-based Innovatus Capital Partners acquired the four-building asset for $107.6 million.
Harvard and LPC developed the first 108,956-square-foot building at Waypoint in 2014 as a build-to-suit that was fully pre-leased to Verrda Mobility, formerly American Traffic Solutions. In 2016, the partnership completed the second 153,134-square-foot building. Additionally, the companies purchased two adjacent existing buildings to create the four-building, 426,951-square-foot Waypoint campus.
At the time of sale, the campus was 98 percent leased. Tenants include Cognizant, Verra Mobility, Mitel, Ashton Woods, Beazer Homes, Nextcare, Udall Shumway and EPS Group. LPC serves as property manager for all four buildings and the company will maintain the management assignment as part of its almost 10 million-square-foot Phoenix property management portfolio.
Dave Carder and Scott Boardman of Cushman & Wakefield are handling leasing for the property.