PHOENIX, August 20, 2019 – On behalf of Chicago-based McAfee Investments, Cushman & Wakefield sold Wells Fargo Plaza. Phoenix-based University Crossroads purchased the property, located at 64 East Broadway Road in Tempe, Ariz., for $7.9 million.
Wells Fargo Plaza is a two-story, 39,732-square-foot multi-tenant office building. Constructed in 1985, the property is situated just south of downtown Tempe in a highly visible location with excellent connection to businesses and amenities via the I-10, US 60 and Loop 101. The property is currently 100% leased to Wells Fargo Bank and Regus Corp., a national leader in executive suites.
Eric Wichterman, Mike Coover and Chris Nord of Cushman & Wakefield Phoenix represented the seller in the transaction.
Wichterman stated, “This acquisition provides the buyer with a reliable income stream through its high credit tenancy in Wells Fargo and Regus Corp. It also holds a tremendous amount of intrinsic value, with over three acres of prime land positioned at the intersection of Broadway Road and Mill Avenue in Tempe.”
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Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.