Cushman & Wakefield: Tempe asset is well positioned for metered growth
Staff Reports | Digital Free Press
Cushman & Wakefield advised the sale of a freestanding flex office building totaling 94,916-square-feet in Tempe.
Found at 8160 S. Hardy, the building is 69% leased to a single tenant, a financial services company as the property sold to Enzed LLC, a private individual investor.
Chris Toci, Eric Wichterman, Mike Coover and Steve Lindley with Cushman & Wakefield’s Capital Markets and Private Capital Markets teams in Phoenix represented the seller, Cushman & Wakefield officials report.
The firm’s Jerry Roberts and Pat Boyle also provided leasing advisory. Marcus Muirhead with Lee & Associates represented the buyer.
“This well-positioned south Tempe flex office building made for a terrific value-add investment opportunity. The building is heavily parked at a ratio of 7.5/1,000 square foot, features 18’ clear heights and large floor plates that are ideal for flex office tenancy,” said Eric Wichterman, vice chairman. “The viability of building in the market was evident at the time of closing when the buyer was fielding strong interest from a prospective tenant for the remaining vacancy in the building.”
Cushman & Wakefield also recently announced the same team of brokers represented the same seller in the disposition of a similar nearby two-building portfolio totaling 158,507 sf located approximately one mile south.
“Located near Arizona State University, in the epicenter of metro Phoenix’s high-growth technology trade area, the property sits in an amenity-rich environment with strong demographics and a well-educated workforce,” added Chris Toci, executive managing director. “Tempe has been the first choice for a myriad of quality tenants due to its immediate freeway access, neighboring higher education institutions, and robust amenities.”
