Menlo Equities acquired this three-story office building totaling approximately 214,303 square feet in June 2019. The building is located within the 350-acre Papago Park Center mixed-used development that includes Class A office space, high-end multifamily developments, walkable amenities and immediate access to the Valley Metro light rail system.
The building has been occupied by Wells Fargo since it was constructed in 2004. Wells Fargo completely renovated the interior at a cost exceeding $13 million in 2019.
This institutional quality asset features 10-foot finished ceiling heights, an excellent window line, and an above-market parking ratio of 7 stalls per 1,000 square feet. Further, nearly 50% of the parking spaces are covered, a highly desirable feature in the Phoenix area.
The Valley Metro light rail station is directly in front of the Property and is a rare and valuable amenity. The light rail provides a convenient mass transit commuting option for employees, as well as easy access to downtown Tempe (7 minutes), Sky Harbor Airport (11 minutes) and downtown Phoenix (18-21 minutes).