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6/15/15
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Held Properties has acquired Crossroads of Tempe, a 96.7k sf office complex located in Tempe, AZ. Held acquired the property for $17.18 mil, or over $177/sf, from Via West Properties LLC and Southwest Value Partners.
Located at 303 and 309 West Elliot Rd, Crossroads of Tempe consists of two, single-story, Class A office buildings that were built in 2008. 303 West Elliot Rd contains 52.5k sf, while 309 West Elliot Rd contains 44.2k sf of space. The buildings sit on a 9.3-acre property with an abundant 6.17/1,000 parking ratio as well as direct signage and visibility along West Elliot Road.
Crossroads of Tempe is located in the epicenter of Metro Phoenix’s high-growth technology trade area, the Southeast Valley, and is directly linked to the surrounding supply chain. At 95% occupancy, the property is leased to a mix of technology-focused tenants, including semiconductor manufacturers, information technology servicers, and information technology advisors.
“This property fits into our investment objective of finding quality, well located and substantially leased properties that have stable cash flows with a strong probability of future rental growth” said Robert Held, President of LA-based Held Properties.
The sale was brokered by Chris Tocci and Chad Littell from Cushman & Wakefield, who represented the seller and buyer. Financing for the purchase was provided by Brian Halpern of CBRE Capital Markets.
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