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8/23/16
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A partnership between Angelo, Gordon & Co, Douglas Allred Company and David Warren purchased a two-building, 250k sf office complex in Tempe, AZ for $29.3 mil, or $117/sf. The asset was sold by Cordia Capital Management.
The property sits on over 16 acres at 1330 W. Southern Avenue and 3001 S. Priest Dr, in the South Tempe office submarket. The buildings are situated near Interstate 10 and U.S. 60 freeways, close to shopping and restaurants and just a short drive from Phoenix Sky Harbor International Airport.
3001 S. Priest Dr building is a fully leased, two-story structure built in 1995, with 100k sf of office space and all-covered parking. The ground floor features a fully staffed cafeteria that serves the building’s long-term tenant, Express Scripts.
1330 W. Southern Avenue is a three-story structure with 150k sf of office space. One-third of the building is leased to iQor, a global customer and Business Process Outsourcing (BPO) company. The remainder of the building is currently available for lease.
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