On behalf of a joint venture between Phoenix-based ViaWest Group and a capital partner, CBRE has arranged the sale of a 32,350-square-foot Class A office/flex building located at 914 S. 52nd Street in Tempe, Ariz. The buyer, Anaheim, California-based Crowne Pointe Equity, LLC acquired the property for $5.9 million.
Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix/Vegas and Pat Feeney, Dan Calihan, Rusty Kennedy and James Cohn of CBRE in Phoenix represented the seller in the transaction.
“This asset is well located in the high-demand Tempe submarket, where office and industrial vacancy rates are some of the lowest in metro Phoenix,” said CBRE’s Turbow. “Its central location provides connectivity to the Greater Phoenix Metropolitan area and access to the area’s best amenities. This transaction demonstrates CBRE’s unique ability to provide local owners with unique access to Southern California capital by harnessing the expertise and networks of our multi-state team.”
The property sits on 2.36 acres and is 100 percent leased to two tenants, La Frontera EMPACT Suicide Prevention and SISU Healthcare Solutions. The property offers a strong parking ratio of just under 7 spaces per every 1,000 square feet.
“Our local hands-on approach combined with a great location allowed us to fill the building fairly quickly. After stabilizing the property, we are excited to hand it off to a new owner who will benefit from the steady income stream”, said Steven Schwarz, Founding Partner at ViaWest.
Located in the Northwest Tempe submarket of metro Phoenix, 914 S. 52nd Street is located adjacent to downtown Tempe, home to Arizona State University’s main campus, and Phoenix Sky Harbor International Airport. The property benefits from unmatched access the area’s restaurants, shopping and entertainment destinations and immediate freeway exposure to Arizona State Route 143, Interstate 10 and the Loop 202, and nearby access to the Loop 101.
The Tempe office submarket had a 3.2 percent vacancy rate at year-end 2019, the lowest of all submarkets, compared to the overall metro Phoenix vacancy rate of 14.1 percent, according to CBRE Research. The Northwest Tempe industrial vacancy rate was 3.4 percent in Q4 2019.