Lincoln Property Company’s Class AA Grand2 office building in Tempe, Ariz., has sold, becoming the largest office sale to close in the state in 2020 and one of the top five office sales to close in 2020 in the Southwestern United States.
The building buyer is Apex Capital Investments Corporation, a U.S.-based real estate investment management firm with a track record of core-plus, value-add and opportunistic investment strategies across asset classes. Grand2 represents the company’s first-ever Arizona office purchase.
Grand2 was completed in late 2019 by LPC Desert West, the Southwest regional office of Lincoln Property Company (LPC), in partnership with Goldman Sachs MBD Real Estate. Upon completion, Grand2 ranked as one of Arizona’s largest-ever purely speculative office buildings and was almost immediately leased by San Francisco-based, on-demand food platform DoorDash with a full-building, long-term commitment.
