Phoenix & Southwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Rio2100 Provides Buyer with Long-Term Income Stream Amid Strong Tenancy
The recent sale of two 300,000-square-foot office buildings in Tempe totaling $132 million is the highest-priced and largest office transaction year to date in 2021 within the region. The two newly constructed four-story buildings, located at 2114 and 2116 South Freedom Way in Tempe, are within the 60-acre Rio2100 business park and fully leased by Freedom Financial Network. The buyer was Strategic Office Partners.
The properties feature the largest office building commercial kitchen in Arizona. The buildings are adjacent to other institutional-quality names within the business park including Morgan Stanley, Siemens and Grubhub.
CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller, Boyer Company. Bryan Taute and Charlie von Arentschildt of CBRE were the leasing agents for the property, securing the tenant on a long-term basis.
Tempe has the lowest vacancy and highest class-A rental rates across the Phoenix metro area, according to CBRE research.
“The Tempe area has developed into the go-to destination for new office investor capital, class-A development and new-to-market tenants alike,” said Marchildon.
- ◦Sale/Acquisition
