SOURCE: Westport Capital

August 15, 2012 12:07 ET

Westport Capital Acquires Agave Center in Tempe, AZ

Fourth Acquisition Brings Total Arizona Portfolio to Over 670,000 Square Feet in the Last 12 Months

EL SEGUNDO, CA--(Marketwire - Aug 15, 2012) - Real estate investment firm Westport Capital Partners LLC announced that it has closed on the purchase of Agave Center in Tempe, AZ. The acquisition includes five buildings of mixed-use property totaling 220,000 square feet. The portfolio includes three single-story office buildings, one 2-story office building, a flex industrial building, and 4.6 acres of land ready for development.

"Westport continues to add attractive, functional assets to our national portfolio that are in strong performing markets," said Sean Armstrong, principal and portfolio manager with Westport. "This is our fourth investment in the Phoenix area, which continues to be a highly attractive market for owners and companies seeking a business-friendly environment."

Agave Center is located on a 27-acre parcel near Warner Road and Interstate 10 in Tempe. The property is 76% leased and Westport Capital Partners is already working to accommodate the expansion needs of tenants. Westport plans to reinvigorate the leasing effort for Agave, similar to its successful strategy for its prior investments in Phoenix.

Dennis Desmond and Brian Ackerman of Jones Lang LaSalle represented both the seller and buyer in the acquisition.

About Westport Capital

Westport Capital Partners, LLC is a real estate investment firm specializing in the opportunistic acquisition and management of real estate properties and securities. Westport provides domestic and international investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of opportunistic property and distressed debt situations. Westport is active throughout the nation as well as the southwest. Recent acquisitions include Village Square retail and office complex in Las Vegas, Nevada; Hotel La Jolla located in La Jolla, California; Center Pointe Business Park in El Cajon, California and Kaleidoscope Retail Center, located in Mission Viejo, California. The firm has offices in El Segundo, California and Wilton, Connecticut.

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