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10/14/22
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Tempe Commerce Center, a 65.9k sf flex office property in Tempe, AZ, sold for $14.15 mil, or $215/sf. The single-story, multi-tenant building, located at 7420 S Kyrene Rd, was 53% leased at the time of sale to a mix of commercial users.
Situated on over 5.5 acres, the property offers a highly visible location along the heavily trafficked Kyrene Rd. The location also provides superb highway connectivity with access to five different freeways (I-10, Loop 101, Loop 202, US-60, and SR-143) within five miles of the property plus close proximity to the Sky Harbor International Airport. Additionally, the property is situated within the expansive, dense, and highly educated Southeast Valley labor pool.
Key features of Tempe Commerce Center include an abundant 5/1000 parking ratio, 24’ clear height, floor-to-ceiling reflective windows in the main entry with reflective glass entries wrapping around the building.
The buyer was JLNI LLC, a company formed by a private individual based in San Diego. Eric Wichterman, Mike Coover, Tracy Cartledge, and Bob Buckley with Cushman & Wakefield’s Private Capital and Capital Markets teams in Phoenix represented the seller, BH Properties, in the transaction.
“The Tempe Commerce Center is a high-quality flex building, well-positioned in Tempe’s premier Kyrene Corridor, that has the flexibility to accommodate both industrial and office uses,” said Wichterman.
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