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3/18/20
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A 32.4k sf, Class A office/flex building in Tempe, AZ sold for $5.9 mil, or $182/sf. The property, located at 914 S. 52nd St, was purchased Anaheim-based Crowne Pointe Equity LLC.
The property sits on 2.36 acres and is 100% leased to two tenants, La Frontera EMPACT Suicide Prevention and SISU Healthcare Solutions. The property offers a parking ratio of just under 7 spaces per every 1,000 square feet.
Located in the Northwest Tempe submarket of metro Phoenix, 914 S. 52nd Street is located adjacent to downtown Tempe, home to Arizona State University’s main campus, and Phoenix Sky Harbor International Airport. The property benefits from unmatched access the area’s restaurants, shopping and entertainment destinations and immediate freeway exposure to Arizona State Route 143, Interstate 10 and the Loop 202, and nearby access to the Loop 101.
Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix/Vegas and Pat Feeney, Dan Calihan, Rusty Kennedy and James Cohn of CBRE in Phoenix represented the seller, a joint venture between Phoenix-based ViaWest Group and a capital partner, in the transaction.
“This asset is well located in the high-demand Tempe submarket, where office and industrial vacancy rates are some of the lowest in metro Phoenix,” said CBRE’s Turbow. “Its central location provides connectivity to the Greater Phoenix Metropolitan area and access to the area’s best amenities.”
The Tempe office submarket had a 3.2% vacancy rate at year-end 2019, the lowest of all submarkets, compared to the overall metro Phoenix vacancy rate of 14.1%, according to CBRE Research. The Northwest Tempe industrial vacancy rate was 3.4% in Q4 2019.
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