Monarch Alternative Capital has acquired The Esplanade, a marquee office portfolio comprised of four class A buildings in Phoenix. A sales price was not disclosed.
“We are excited to enter the Phoenix market through best-in-class assets that embody the differentiating aspects that Monarch looks for in our real estate investments,” said Joshua Acheatel, a managing principal at Monarch. “The attractive supply-demand environment in the Phoenix area combined with the property’s unparalleled characteristics make The Esplanade a highly desirable location for the market’s most dynamic employers.”
This acquisition illustrates Monarch’s continued focus on identifying strong assets in rapidly growing markets that are benefitting from corporate migration and population growth trends.
The Esplanade assets that Monarch purchased comprise 1 million square feet of high-profile real estate within a significantly amenitized mixed-use campus located in Camelback Cor
