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1/07/25
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LaSalle Investment Management acquired Tempe Commerce Park, a five-building industrial complex totaling 536.1k sf of spaced in Tempe, AZ. Although the price was not given out, we hear that the property traded for about $112 mil ($209/sf).
The property, situated on 36.79 acres at 7340-7360 S. Kyrene Rd and 7333-7343 S. Hardy, features 24-foot clear heights, dock-high and grade-level doors and ample parking. The complex is 92% leased to eight diverse tenants, including McKesson, Genuine Cable Group and Rivian.
Tempe Commerce Park benefits from its position in one of Metro Phoenix's most sought-after submarkets. The location offers excellent accessibility, being just one mile from the I-10 Fwy and 2.6 miles from US-60, providing convenient access to the greater Phoenix Metro area. Additionally, the Tempe submarket makes it a prime location for industrial tenants looking for proximity to major transportation routes and a robust labor pool supported by Arizona State University's large student population.
Mark Detmer, Greer Oliver and Connor Nebeker-Hay with JLL Capital Markets represented the seller, a venture between BKM and a global investment manager. The local market leasing efforts were handled by CBRE's Jackie Orcutt and Jonathan Teeter.
"Tempe Commerce Park represents a unique opportunity in one of Phoenix's most dynamic submarkets," said Detmer. "With its strategic location, diverse tenant mix and recent improvements, this property is well-positioned to capitalize on the robust industrial demand in the region. The investment by LaSalle underscores the continued strength and appeal of the Phoenix industrial market."
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