78,800-sf multi-building, multi-tenant office asset acquired by Utah investor
TEMPE, Ariz, – Cushman & Wakefield announced the firm has brokered the disposition sale of Agave Executive Center, a 78,825-square-foot multi-tenant office building in the heart of Tempe, Arizona. The asset was 100% leased at the time of sale and sold for $16.8 million.
The buyer was White Mountain Investments Management, LLC of Utah. The seller was DIG Agave Center, LLC, an entity controlled by Dornin Investment Group.Agave Executive Center is fully leased to six tenants, with 50% of its occupancy stemming from a single long-term tenant, a leader in the autonomous robotic vehicle technology sector.
Mike Coover and Eric Wichterman with Cushman & Wakefield in Phoenix represented the seller in the transaction. The firm’s Keith Lambeth and Patrick Schrimsher also provided leasing advisory. The buyer was represented by Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark Knight Frank.
“The property’s high-quality improvements, full occupancy and diverse tenant mix, coupled with its prime Southeast Valley location made Agave Executive Center was a superb investment opportunity for the buyer,” said Eric Wichterman, Executive Managing Director.
“Tempe has maintained solid fundamentals through the pandemic and remains one of the most sought-after markets in Metro Phoenix,” added Mike Coover, Managing Director.
Comprising three office buildings located at 1721, 1725 and 1729 W Greentree Dr, Agave Executive Center was constructed in 2000 and is situated on ±5.57 acres. The property features a modern design, ample parking, and access and visibility from Warner Rd, a major thoroughfare in the area.
The location provides quick access to Interstate 10 and access from the new Loop 202 and Superstition Freeway (SR-60), each within a few miles. The property is also surrounded by more than 8 million square feet of retail amenities—including two malls—within a short distance, as well as executive residential communities.