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1/15/20
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Oregon-based Pinnacle Healthcare acquired a 26.8k sf, creative office building in Tempe, AZ in an $8.4 mil sale/leaseback ($314/sf) deal. The property is located at 1860 West University, east of Hwy 143.
The building was sold by iT1 Source LLC, an IT solutions company, as part of a 1031 exchange. iT1 Source will continue to occupy the property through a long-term lease.
The single-story, Class A creative office building was renovated in 2018 and features open/collaborative floor plans, superior quality interior finishes, a rooftop solar system, excellent ingress/egress and a parking ratio of 4.3 spaces per every 1,000 square feet. The property offers an abundance of nearby amenities and immediate access to AZ-143, Interstate 10 and the Loop 202 freeway and is nearby to the Loop 101. Arizona State University and Phoenix Sky Harbor International Airport are less than 10 miles away.
Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix Colton Trauter and Bill Blake of Lee Associates in Phoenix represented the seller in the transaction.
“The property is in an excellent Tempe location and occupied by an established tenant with long-term commitment to the area,” said CBRE’s Turbow. “We continue to see ample demand from investors located outside of Arizona.”
Office demand continued to flourish in the Tempe submarket in 2019, with 303k sf of positive net absorption in the first three quarters of the year, according to CBRE Research.
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