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8/26/19
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Phoenix-based University Crossroads purchased Wells Fargo Plaza, a two-story, 39.7k sf multi-tenant office building in Tempe, AZ. The property, located at 64 East Broadway Rd, sold for $7.9 mil ($199/sf).
Constructed in 1985, the property is situated just south of downtown Tempe in a highly visible location with excellent connection to businesses and amenities via the I-10, US 60 and Loop 101. The property is currently 100% leased to Wells Fargo Bank and Regus Corp, a national leader in executive suites.
Eric Wichterman, Mike Coover and Chris Nord of Cushman & Wakefield Phoenix represented the seller, Chicago-based McAfee Investments, in the transaction.
Wichterman stated, “This acquisition provides the buyer with a reliable income stream through its high credit tenancy in Wells Fargo and Regus Corp. It also holds a tremendous amount of intrinsic value, with over three acres of prime land positioned at the intersection of Broadway Road and Mill Avenue in Tempe.
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