Menlo Group Commercial Real Estate has announced the sale of two office buildings.
Tempe, AZ, October 10, 2018— Menlo Group Commercial Real Estate has successfully negotiated the sale of two built-out office buildings that total nearly 25,000 sq. ft. The buildings, which were constructed in 2001, are located at 850 & 858 W. Elliot Rd. in Tempe, Ariz.
GreenTree Hospitality Group Inc., a leading owner, operator and franchisor with over 2,500 hotels worldwide, purchased the buildings for $4.1 million from renowned local homebuilder, T.W. Lewis.
“We are excited about the opportunity to relocate the U.S.-based GreenTree Inn franchise operations headquarters to this beautiful property in Tempe,” said Kevin Brooks, managing director of GreenTree Hospitality Group. “This purchase transaction was one of the smoothest I have ever been involved with. The ownership group and the Menlo Group advisors were extremely professional throughout the process and a pleasure to work with.”
The property, which is prominently located on Elliot Rd. near the I-10, Sky Harbor Airport and two GreenTree Inn locations, will serve as corporate office space as GreenTree Hospitality Group expands throughout the Southwest. Current tenants will continue to occupy the other suites.
GreenTree Hospitality Group was represented by Menlo Group Vice President Steve Berghoff, who worked with the hotel company on two previous transactions.
“I am pleased to have helped GreenTree acquire this outstanding office building in a highly desired market,” Berghoff said. “This is a signature property with an incredible attention to detail, and I’m excited to see how this new space will benefit GreenTree’s growth plans.”
Menlo Group President Tanner Milne and Senior Vice President Grafton Milne worked with T.W. Lewis to find a buyer for the buildings.
“After being on the market for over two years, we pursued a brokerage that was more personable, reliable and results-oriented,” said Christa Cooper, designated broker and vice president at T.W. Lewis. “Menlo Group’s negotiating skills and attention to detail made this transaction smooth and profitable.”
About Menlo Group
Menlo Group Commercial Real Estate is a full-service brokerage specializing in retail, professional office, medical and dental office, industrial, childcare and investment markets throughout the Metropolitan Phoenix area. Menlo Group exists to illuminate the path to success for its clients, advisors and employees. Learn more at www.menlocre.com.
About GreenTree Hospitality Group Inc.
GreenTree Hospitality Group Inc. is a leading select-service owner, operator and franchisor of GreenTree Inn and GreenTree Inn & Suites hotels. The first GreenTree Inn in the United States was founded in 2015 as an extension of the successful launch of the brand in Asia in 2004. Now with over 2,500 hotels worldwide, Greentree serves the market globally in the value to mid-scale segments.
GreenTree Inn is aggressively growing its portfolio through acquisition and franchise development, offering a low cost, high value model and leading its hotels to greater performance and bottom-line results. For more information, visit www.greentreeinn.com.