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6/14/18
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Tempe City Center, a 162.6k sf office property in Tempe, AZ, was acquired by Tempe CC Hui LLC, and investment entity with buyers who are principally from Hong Kong and Honolulu. The price was not disclosed.
The property, located at 1400-1470 East Southern Ave, between Rural Rd and McClintock Dr, is comprised of an eleven-story office tower, three single-story office buildings, and two single-story retail buildings situated on approximately 10.75 acres. Tempe City Center is over 90 percent leased to a broad range of tenants, including the National Bank of Arizona, Fresensius Medical Care, and regional law firm Carpenter, Hazelwood, Delgado & Bolen.
Cushman & Wakefield’s Chris Toci and Chad Littell arranged the transaction on behalf of the seller, Tempe City Center Limited Partnership. The members of the acquisition group were introduced to the asset by Brandon Holdings Inc, the investment’s sponsor, and IX Advisors LLC, an investment advisory based in Seattle.
“This is the buyer's first investment in Arizona, in one of the Valley's most transformational submarkets. There are substantial plans to renovate the project to cater to today's modern workforce”, said Toci.
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