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12/22/21
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Agave Executive Center, a 78.8k sf, multi-tenant office building in the heart of Tempe, AZ, sold for $16.8 mil, or $213/sf. The asset was 100% leased at the time of sale.
Comprising three office buildings located at 1721, 1725 and 1729 W Greentree Dr, Agave Executive Center was constructed in 2000 and is situated on 5.6 acres. The property features a modern design, ample parking, and access and visibility from Warner Rd, a major thoroughfare in the area.
Agave Executive Center is fully leased to six tenants, with 50% of its occupancy stemming from a single long-term tenant, a leader in the autonomous robotic vehicle technology sector.
The property’s location provides quick access to Interstate 10 and access from the new Loop 202 and Superstition Freeway (SR-60), each within a few miles. It is also surrounded by more than 8 msf of retail amenities—including two malls—within a short distance, as well as executive residential communities.
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The buyer was White Mountain Investments Management LLC of Utah, was repped by Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark Knight Frank. Mike Coover and Eric Wichterman with Cushman & Wakefield in Phoenix represented the seller, DIG Agave Center LLC, an entity controlled by Dornin Investment Group. The firm’s Keith Lambeth and Patrick Schrimsher also provided leasing advisory.
“The property’s high-quality improvements, full occupancy and diverse tenant mix, coupled with its prime Southeast Valley location made Agave Executive Center was a superb investment opportunity for the buyer,” said Wichterman.
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