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10/06/21
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Strategic Office Partners completed a major Arizona office buy, paying $132 mil for two buildings totaling 300k sf ($440/sf) in Tempe, in a deal we’re told marks the highest-priced and largest office transaction year to date in 2021 within the region. The buildings were sold by Boyer Company.
The two newly constructed buildings, located at 2114 and 2116 South Freedom Way, are situated within the 60-acre Rio2100 business park and are fully leased by Freedom Financial Network. The four-story office properties feature two parking structures, the largest office building commercial kitchen in Arizona, 14’-16' deck-to-deck ceiling heights and abundant frontage and access to the Loop 101 & Loop 202 Freeways.
The buildings are adjacent to several other institutional-quality properties within the business park, leased by such companies as Morgan Stanley, Siemens, Grubhub, and Benchmark Electronics, among others. Also within the park are two multifamily developments, two hotels and a variety of retail amenities.
CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller in the transaction. Bryan Taute and Charlie von Arentschildt, also with CBRE, were the leasing agents for the property, securing the tenant, Freedom Financial Network on a long-term basis.
In addition to the best-in-class office improvements and long-term tenancy and professional business park environment, the property is centrally located within the core submarket of Tempe, which boasts the lowest vacancy and highest Class-A rental rates across the Phoenix Metro area, according to CBRE research.
A recent survey of commercial real estate investors ranked Phoenix as a top-10 target among Americas metros. The Sun Belt market jumped five spots to #4 in CBRE’s 2021 Americas Investor Intentions Survey.
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