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Nuveen Affiliate to Convert Tempe Office Space to Industrial
Converting sprawling office complexes into industrial parks is all the rage in the Phoenix metro area. Lincoln Property and Panattoni Development have both recently announced their intent to either demolish or reposition office buildings in favor of industrial ventures.
Sky Harbor Innovation Park sits on about 19 acres at 1920 W. University Drive, just west of State Route 143 in Tempe. The Phoenix Business Journal reports that a Nuveen Real Estate affiliate acquired the property for $23.2 million from The Opus Group.
At the time, Opus had plans to demolish the current office park into a 300,000-square-foot industrial hub with three buildings. Two of those buildings will be 109,870 square feet and the third smaller building will be 78,500 square feet.
Of that, about 20% of the development — or 60,000 square feet — will still be used for office space.
It’s unclear whether the project’s scope has changed since ownership did.
- ◦Development
