Tempe Office Center, a two-building, 24,381 square foot business park located at 950 W. Southern Avenue and 3225 S. Hardy Drive in Tempe, Arizona, has sold for $4,561,776. Investors from Northern California and Washington State were the buyers. The seller, an investment group from Southern California, was represented in the transaction by Kidder Mathews’ commercial real estate broker Erik Marsh.
Tempe Office Center is 77 percent occupied. Concentra Urgent Care occupies approximately 41 percent. They have been a tenant since the mid-90s, and recently extended their lease for an additional 13 years.
The seller condo-mapped the property before the sale, giving the owners the flexibility to sell the two buildings individually if they choose to in the future.
“With good existing tenants and the potential to lease the available space, the buyer should do well with this investment,” said Marsh. “During the COVID-19 pandemic, we’ve seen many investors coming to Arizona from California and the Pacific Northwest,” he said.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9.6 billion in transactions, manages over 70.5 million square feet of space, and conducts over 1,680 appraisals annually. For more information, visit kidder.com.
