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10/23/20
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Agave Corporate Center, an 86.1k sf, multi-tenant office property located in the heart of Tempe, AZ, traded hands in a $16 mil ($186/sf) deal. The asset was 95% occupied at the time of sale.
1711 W. Greentree Dr, Tempe |
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The building sold as part of a two-building portfolio that sold for a combined price of $24 mil. The other part of the transaction was a 55.2k sf building at 8945 South Harl Ave, also in Tempe.
Built in 2000, the Agave Corporate Center is located at 1711 W Greentree Dr, on a large parcel of over six acres. The location provides immediate access to Interstate 10 and additional access from the new Loop 202 and Superstition Freeway (SR-60), each two miles from the property. A top-tier amenity package consisting of over 8 msf of retail amenities, including two malls, is within a short distance, while affluent, executive residential communities also surround the location.
The buyer of the portfolio was Agave Center OR LLC, an entity formed by Dallas-based real estate investment company, CAMCO. The seller, DIG Agave Center LLC, an entity controlled by Dornin Investment Group, was represented by Mike Coover, Eric Wichterman, Keith Lambeth and Patrick Schrimsher with Cushman & Wakefield in Phoenix.
“Agave Corporate Center is a high-quality asset with stable income supported by a well-diversified tenant roster,” said Mike Coover, Managing Director. “The location provides superb access within the coveted Southeast Valley labor pool—nationally known for its dense, and highly-educated population. Furthermore, Tempe is among the most prestigious and sought-after office markets in Metro Phoenix.”
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