Two Tempe North Properties Sold Totaling 250,000-Square-Feet
PHOENIX, August 1, 2016 – Cushman & Wakefield announced today that San Diego-based Douglas Allred Company, in partnership with Phoenix-based DW Capital Partners and New York-based Angelo, Gordon & Co. purchased 1330 W. Southern and 3001 S. Priest in Tempe, Ariz. for $29.3 million.
Mike Beall, Chris Walker, Sean Spellman, Jeff Wentworth and Will Strong of Cushman & Wakefield represented the seller in the transaction, which are entities controlled and managed by Cordia Capital Management from El Segundo, Calif.
Located in the vibrant North Tempe submarket, the project consists of two buildings totaling 250,000 square feet and was 60% leased at the time of sale. 1330 W. Southern is a 150,000-square-foot (SF), three-story office service center with two large 50,000 SF floors that are available for lease. This building will undergo major interior and exterior renovations. 3001 South Priest is an adjacent 100,000 SF office service center that was 100% leased at the time of sale.
“With the coming renovations planned by the new owner, the project will be well positioned to meet the demands of today’s office employers and its located in one of Arizona’s most successful office submarkets,” according to Beall. “The ownership group is simply outstanding and has great track record of implementing similar office repositioning strategies in the Phoenix area.”
For additional information on the buildings or similar projects, contact Cushman & Wakefield at 602-954-9000.
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Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.