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2/02/23
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A 9.5k sf office building in Tempe traded hands in a $2.75 mil ($290/sf) transaction. The property, located at 2120 South McClintock Dr, south of East Broadway Rd on the corner of South McClintock Dr and East El Parquet Dr, was purchased by a private buyer.
The property was owned and fully occupied by a local behavioral health clinic, Crisis Prep and Recovery Inc, who leased the property back for 15 years upon closing. The single-tenant building is located minutes from downtown Tempe and Arizona State University.
Built in 1998, the building features office, medical rooms and lab space. Accessible by South McClintock Drive, the property has 30 surface parking spaces and 15 covered spaces on its nearly one-acres site.
Geoffrey Turbow, Gary Cornish, Bryan Johnson and Nick Williams of CBRE's Private Capital Partners represented the private seller in the transaction. The buyer was an out-of-state investor completing a 1031 exchange.
“We are extremely satisfied with the outcome of this transaction, which unlocked working capital for the seller as it continues to operate its business from this location under attractive terms,” said Mr. Turbow. “The buyer, for its part, acquired a mission-critical asset with high passive income.”
The Tempe submarket has some of the lowest vacancy rates in the Phoenix area. According to CBRE research, smaller office buildings in Tempe are in high demand. Single-tenant office buildings are especially desirable, with a 1% vacancy rate for properties of 5k sf to 20k sf.
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