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12/14/23
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A 62k sf, freestanding flex office building in Tempe, AZ was acquired by Enzed LLC, a private individual investor. Located at 8140 S Hardy, the building is 100% leased to a single tenant. The seller was a global investment advisor.
Chris Toci, Eric Wichterman and Mike Coover with Cushman & Wakefield’s Capital Markets and Private Capital Markets teams in Phoenix represented the seller. The firm’s Jerry Roberts and Pat Boyle also provided leasing advisory. Marcus Muirhead with Lee & Associates repped the buyer.
“The combination of its prominent Southeast Valley location (near Arizona State University), highly-amenitized and strong neighborhood, and superior functionality position 8140 Hardy as one of the finest value-add opportunities in the market. The building offers a robust parking ratio of 11.2/1,000 sf, features 10’ ceiling heights plus large floor plates ideal for flex office tenancy,” said Wichterman. “The buyer now owns two great neighboring properties with versatility and located in the desired epicenter of metro Phoenix’s high-growth technology trade area.”
“The existing tenant’s lease term is set to expire in spring 2024, which will present the buyer with a variety of viable tenant options for this space within a size range that has shown steady demand,” added Toci. “Tempe remains a draw for tenants due to its immediate freeway access, neighboring higher education institutions, and robust amenities.”
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