Flex office space in Tempe offers versatile brick-and-mortar
Staff Reports | Digital Free Press
Cushman & Wakefield is reporting the sale of a freestanding flex office building totaling 61,997 square feet in Tempe.
Found at at 8140 S, Hardy, the building is 100% leased to a single tenant whereas the property was purhcased by Enzed LLC, a private individual investor, according to a press release.
Chris Toci, Eric Wichterman and Mike Coover with Cushman & Wakefield’s capital markets and private capital markets teams in Phoenix represented the seller. The firm’s Jerry Roberts and Pat Boyle also provided leasing advisory. Marcus Muirhead with Lee & Associates represented the buyer, the release states.
Cushman & Wakefield also recently announced in July the same team of brokers represented the same seller in the disposition of the adjacent freestanding flex office building at 8160 Hardy totaling 94,916 square feet.
“The combination of its prominent Southeast Valley location (near Arizona State University), highly-amenitized and strong neighborhood, and superior functionality position 8140 Hardy as one of the finest value-add opportunities in the market. The building offers a robust parking ratio of 11.2/1,000 sf, features 10’ ceiling heights plus large floor plates ideal for flex office tenancy,” said Vice Chair Eric Wichterman. “The buyer now owns two great neighboring properties with versatility and located in the desired epicenter of metro Phoenix’s high-growth technology trade area.”
Executive Managing Director Chris Toci echoed a similar institute.
“The existing tenant’s lease term is set to expire in spring 2024, which will present the buyer with a variety of viable tenant options for this space within a size range that has shown steady demand,” he said in a prepared statement. “Tempe remains a draw for tenants due to its immediate freeway access, neighboring higher education institutions, and robust amenities.”