TEMPE, AZ– Cushman & Wakefield of Arizona, Inc. has negotiated the $21.5 million sale ($163 PSF) of the Tempe AVNET Building, a Class A office property located at 8700 S. Price Road in Tempe, Arizona.
The 2-story building, which was constructed in 2000, totals 132,070-square-feet and was 100 percent occupied by AVNET, Inc. at the time of the sale. It is located in the 320-acre Arizona State University Research Park with direct frontage on the Loop 101 freeway.
Atlanta-based Piedmont Office Realty Trust sold the property to AVASU (AZ) LLC of New York, an affiliate of W.P. Carey of New York.
“W. P. Carey of New York, on behalf of one of its managed REITs, won the bid in a highly competitive process,” said Chris Toci. “W. P. Carey was drawn to the investment-grade nature of the tenant, AVNET, which will occupy the property under a long-term, net lease with annual scheduled rental increases.
“This asset within the ASU Research Park is the corporate headquarters for the AVNET Technology Solutions group, one of two operating groups of AVNET, Inc. The building is positioned within the ‘white hot’ technology corridor of the Southeast Valley.”
Chris Toci, Chad Littell and Michael White of Cushman & Wakefield represented the seller in the transaction and can be contacted at (602) 253-7900.