Owner User Office/Flex Building in Attractive Tempe Location Trades for $128/SF
TEMPE, ARIZONA – 916 South 52nd Street, an office/flex building zoned GID just South of Downtown Tempe, traded this week for $1,395,000 or $128 per square foot. Nick Miner, CCIM and J.T. Taylor of ORION Investment Real Estate represented the seller entity, Hunn Family Trust; the Buyer, Tag Process Services, Inc, was represented by Keri Davies of LevRose Commercial.
916 South 52nd Street is only a few minutes to the heart of Downtown Tempe, which has seen an explosion of development over the years, with a multitude of prestigious hotel brands, apartments, restaurants, and retailers moving in around the iconic Mill Avenue. The location is highly accessible, surrounded by the Valley’s most traveled freeways, and is only minutes to Phoenix Sky Harbor International Airport, which sees over 120,000 daily passengers . This offers the tenant, its employees, and clients wonderful dining and travel options.
This property has a current tenant, offering the Buyer some cash-flow as they begin to occupy the space. Miner and Taylor had several offers from owner/user buyers, with the location in Tempe being extremely attractive. The ultimate buyer was leasing space not to far away and jumped on the opportunity to own a building versus continuing to pay rent.
Nick Miner, CCIM commented on the transaction, “This was a great opportunity for the buyer. They are able to buy the building with a tenant in place to help offset their occupancy costs. This is the second property I have sold for the owners and the last one owned in Arizona.”