Staff Reports | Business & Construction
Hudson Place, a 55,367-square-foot commercial property comprising 15 buildings, has officially sold in a transaction that recently closed for $11.499 million.
The sale marks a unique shift in the property’s trajectory. It was originally purchased in December 2023 for an office condominium conversion, with each of the 15 buildings being marketed for individual sale, according to a press release.
The seller was represented by Marina Hammersmith, and Tyrel Williams, of M | T HealthcaRE Partners at Medical Office Brokers. Hudson Place is at 2405 E. Southern Ave. in Tempe.
In a strategic move, the new owner stepped in to circumvent the conversion plan, making a competitive offer to acquire the entire property.
“This transaction underscores the dynamic nature of commercial real estate and the importance of adaptability in investment strategies,” Mr. Hammersmith said.
“The limited supply of medical and general-use condominiums, coupled with strong market interest and the projected price points for individual building sales, created a compelling value-add position for the seller. This combination also generated a sense of urgency for the buyer to acquire the entire property before the conversion was finalized, recognizing the long-term potential for the site.”
Mr. Williams said it was a pleasure working on the successful transaction in Tempe.
“It was an honor to be involved in this unique project,” Mr. Williams said. “Even though we didn’t get to bring our original business plan to fruition, it was rewarding to see the Hudson Place property go to a great organization to further its important role in this community.”
