August 19, 2019
Harvard Investments and Lincoln Property Co. sold the Waypoint suburban Class A office campus for $107.6 million to Innovatus Capital Partners LLC. Sale of the four-building, 426,951-square-foot campus in Mesa, AZ represented the highest-priced office sale this year in the Phoenix metro. Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller in the transaction.
The 36-acre Waypoint sits at the intersection of the Loop 101 and 202 freeways, and is 98% leased. Tenants include Cognizant, Verra Mobility, Mitel, Ashton Woods, Beazer Homes, Nextcare, Udall Shumway and EPS Group. LPC, who has served as the property manager for all four buildings, will maintain the management assignment.
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 Verra Mobility. In 2016, the partnership completed a second, 153,134-square-foot building and purchased two adjacent, existing buildings.
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