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Kidder Mathews Handles Tempe Office Center Deal
Tempe Office Center, a two-building, 24,381-square-foot business park located at 950 W. Southern Ave. and 3225 S. Hardy Dr. in Tempe sold for nearly $4.6 million. Unnamed investors from Northern California and Washington State claimed the assets. The seller was an undisclosed investment group from Southern California.
The seller condo-mapped the property before the sale, giving the owners the flexibility to divest the two buildings individually if they choose to in the future.
Kidder Mathews’ Erik Marsh, who represented the seller, says, “With good existing tenants and the potential to lease the available space, the buyer should do well with this investment. During the COVID-19 pandemic, we’ve seen many investors coming to Arizona from California and the Pacific Northwest.”
Tempe Office Center is 77% occupied. Concentra Urgent Care, which occupies roughly 41%, has been a tenant since the mid-90s, and recently extended its lease for an additional 13 years.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition