Source: Harvard Investments
With the just-closed, $34.3M office acquisition of Riverview Point, Harvard Investments and Lincoln Property Company (LPC) will combine new construction with existing buildings to establish a 426KSF, Class A office campus at the borders of Tempe, Scottsdale and Mesa.
The new development, branded collectively as Waypoint, will combine Harvard and LPC’s recently delivered Waypoint One Class A office building, their soon-to-break-ground Waypoint Two Class A office building and the existing, two-building Riverview Point portfolio. The result is a four-building business campus situated on 34.53 acres along the Loop 202 and adjacent to Mesa Riverview, a 1.3MSF retail, hospitality and entertainment complex.
Harvard and LPC will roll out a building renovation plan at Riverview Point that includes new paint, interior renovations and new monument signage to build the cohesive Waypoint brand.
The newly acquired buildings sit adjacent to Waypoint One, a two-story, 108KSF Class A project that was developed and fully pre-leased last year by Harvard and LPC. Located at 1150 N. Alma School Rd. in Mesa, Waypoint One is now 100 percent occupied by American Traffic Solutions (ATS).
In March, Harvard and LPC will break ground on Waypoint Two, a 152KSF Class A office building adjacent to Waypoint One at 1130 N. Alma School Rd. in Mesa. Waypoint Two is designed to accommodate single- and multiple-occupancy users. Like Waypoint One, it will provide a “high-tech” aesthetic with clean lines, timeless materials, simple detailing, bright and open lobbies and workspaces, and abundant parking.
Barry Gabel and Chris Marchildon of CBRE represented the seller, R&R Riverview LLC, in the Riverview Point transaction. The financing partner is BMO Harris.
LPC will manage all four buildings at the project, adding Waypoint to its more than 8MSF Phoenix property management portfolio.