By Alex Girda
Phoenix—A two-building office complex in the Phoenix MSA recently changed hands for a total of $29.3 million. A partnership between Angelo, Gordon & Co., Douglas Allred Co. and David Warren acquired the asset from seller Cordia Capital Management. Part of the fast-improving Tempe submarket, the asset was acquired amid what is a very high demand market.
Located at 1330 W. Southern Ave. and 3001 S. Priest Drive in Tempe, the office complex consists of 250,000 square feet of space. Located on a 16-acre site in the South Tempe office submarket and offering proximity to the I-10 and U.S. 60 freeway, the asset is close to shopping and dining destinations, making it attractive to prospective owners.
The 100,000-square-foot building at 3001 S. Priest Drive was built in 1995, and is at 100 percent occupancy. A cafeteria serving tenant Express Scripts is located on the building’s ground floor. Located in proximity to the Sky Harbor International Airport, 1330 W. Southern Ave. is a three-story facility that totals 150,000 square feet. The building is operating at roughly 33 percent occupancy, with the sole tenant being iQor.
Image courtesy of Cordia Capital Management