Transwestern Real Estate Services brokered the $20.5 million sale of 8530-8550 S. Priest Drive in Tempe, Arizona, a property consisting of two office buildings totaling 188,960 square feet and 12.64 acres of vacant land. Transwestern’s Paul Borgesen, Dylan Sproul, and Royden Hudnall represented buyer Widewaters, and Bill Bayless of CBRE represented the seller, Target Corporation. The portfolio is known as the Target Financing Center.

Widewaters has retained the Transwestern team, joined by William Zurek and Jim Achen Jr., to market the property for sale or lease.

Built in 2003 and renovated in 2019, 8530-8550 S. Priest Drive features two two-story buildings, each with 94,480 square feet of space. The property is positioned for use as either a corporate campus or a multi-tenant environment.

According to Transwestern research, as of the close of the second quarter of 2025, the Tempe market had 12.8 million square feet of office space with 13.6% direct available vacancy.

What’s next for multifamily development and expansion in Texas? Hear from major developers—including leadership from Ryan Companies, Lument, GSP, Zonda, Daniel Management Group, CSSI, PGIM, Transwestern, Regions Bank, and many more —as they share what’s driving the pipeline, strategies, overcoming delays, and setting the pace for what’s ahead at Connect Texas Multifamily. www.ConnectTXMF2025.com | EVENT DATE: Thursday, August 28^th | VENUE: The Joule, Dallas