TEMPE, AZ – Cushman & Wakefield of Arizona, Inc. negotiated the $11.4 million ($59 PSF) sale of a former electronics manufacturing/warehouse building at 615 S. River Dr in Tempe, AZ.
The 193,000-square-foot property was built in 1982, expanded in 1994 and expanded again in 1997. It includes 176,000 square feet of fully air-conditioned manufacturing and warehouse space and 17,000 square feet of office space. It sits on 16.5 acres with direct frontage on the Loop 101 and close proximity to the Scottsdale and Chandler submarkets.
“EverWest Real Estate Partners and CarVal Investors will reposition the property as creative office space and will fill the void felt by the many tech-related users in the market seeking modern, collaborative office environments with above-standard parking,” said Chad Littell.
“We are excited about the opportunity this building will bring to the market. Upon completion of the renovations, the property will offer high-tech creative office space with a 7:1 parking ratio in a thriving and high-demand large user market,” said Curt Kremer, Managing Director – Acquisitions with EverWest Real Estate Partners.
Littell, Chris Toci, Jackie Orcutt and John Grady of Cushman & Wakefield of Arizona collaborated with John Boyd of Signature Associates in Michigan, a Cushman & Wakefield affiliate, and Tim Callahan of Cushman & Wakefield Florida, to represent Jabil. The buyers are EverWest Real Estate Partners and CarVal Investors. Jerry Noble, Ryan Bartos and Orcutt of Cushman & Wakefield will be retained to handle the leasing.
St. Petersburg, Fla.-based Jabil announced it would close the facility last September. Jabil moved into the building in 2005 when it took over an electronics manufacturing business.
To learn more Littell, Toci, Orcutt, Bartos and Grady can be reached at the Cushman & Wakefield office in Phoenx at (602) 253-7900.