Cushman & Wakefield Negotiates $5.486 Million Transaction
PHOENIX, Dec. 12, 2017 – Cushman & Wakefield announced that Wexford Developments purchased Tempe Town Centre, located at 20 E. University Drive in Tempe, Arizona from Scottsdale-based YAM Properties for $5.486 million. Steve Lindley, Bob Buckley and Tracy Cartledge of Cushman & Wakefield negotiated the transaction on behalf of both parties.
Tempe Town Centre is a high-quality, multi-tenant office/retail building totaling 21,214 square feet. Built in 1989, the three-story building is situated on University Drive, near the high-profile corner of Mill Avenue, and is currently 82% leased. Wexford Developments, a real estate investment, development and management company with offices in Calgary, Alberta and New York City, has been acquiring multiple properties in downtown Tempe
“Tempe Town Centre is a quality mixed-use office/retail building in the heart of downtown Tempe’s construction boom. It is one of the few office assets with University Drive frontage, and less than a three-minute walk from two major high-profile developments currently under construction, including Forum Real Estate’s $100-million, Whole Foods-anchored retail/residential project and Opus Group’s 20-story, 407-unit residential and retail mixed-use project,” said Steve Lindley.
Cushman & Wakefield’s research shows an increasing shortage of office space in downtown Tempe, from the high-profile trophy assets on Tempe Town Lake, to quality Class B properties like Tempe Town Centre. With continued exceptional tenant demand, the result is rapidly increasing market occupancy and lease rates.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors 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 $6 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. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.