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2/23/15
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ViaWest Group has boosted its portfolio with the recent purchase of a 49.5k sf multi-tenant office building in Tempe, AZ. The property, ConneXion (previously referred to as Transamerica Research Center), is located at 7855 S. River Pkwy, in the desirable, 320-acre ASU Research Park. It was sold by Cedar Rapids, IA-based AEGON USA for $5.25 mil ($106/sf).
ConneXion is one of the only multi-tenant buildings located in ASURP. The building offers smaller tenants the rare opportunity to cluster with larger regional/corporate HQ tenants which make up the bulk of the tenancy for ASU Research Park.
The building offers great proximity to the 101 and desirable lakefront views. It represents the second property acquisition for ViaWest located in ASURP. They also own a 120k sf, large-user building presently under renovation in the Park. ViaWest Group intends to hold the property for investment and will serve as the property manager and asset manager.
ASU Research Park is home to numerous corporate headquarters and R&D facilities. The park is currently home to approximately 50 companies, including ASML’s North American headquarters and Avnet’s worldwide headquarters for their Technology Solutions Division. Edward Jones and Walgreens both have regional headquarters in the park, and Iridium Satellite and North Central Association also have corporate headquarters located in the park.
Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham with CBRE’s Phoenix office, along with Andrew Cheney and Craig Coppola with Lee & Associates, represented the seller in the transaction.
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