{"id":1004076828,"date":"2013-06-09T20:10:26","date_gmt":"2013-06-10T04:10:26","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=137099"},"modified":"2022-03-04T10:10:26","modified_gmt":"2022-03-04T18:10:26","slug":"jdm-partners-buys-state-farms-tempe-operations-center-for-73m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jdm-partners-buys-state-farms-tempe-operations-center-for-73m\/","title":{"rendered":"JDM Partners Buys State Farm\u2019s Tempe Operations Center for $73M"},"content":{"rendered":"

By Amalia Otet, Associate Editor<\/em><\/p>\n

In a $73 million deal, an affiliate of Phoenix-based JDM Partners L.L.C. has acquired State Farm Mutual Automobile Insurance Co.\u2019s operations center in Tempe.<\/p>\n

Built in 1999, the 372,408-square-foot complex sits on a 21-acre tract at 2700-2925 S. Sunland Drive and 2980 S. Priest Drive, within the master-planned Fountainhead Corporate Park \"\"<\/a>in Tempe. The property consists of four Class A office buildings, one inspection and storage facility, along with two above-grade parking structures.<\/p>\n

It has convenient access to the regional freeway network, Sky Harbor International Airport, downtown Tempe, Arizona State University and a wide variety of nearby amenities. Barry Gabel, Mindy Korth and Chris Marchildon of CBRE Group Inc.\u2019s Phoenix office represented the seller. The five-building corporate campus is completely occupied by State Farm Insurance.<\/p>\n

In other transaction news, San Diego-based Pathfinder Partners, L.L.C. has expanded its Phoenix footprint with the $16.4 million acquisition of Copper Creek, a 21-building community in Tempe, from Equity Residential.<\/p>\n

Developed in 1984, the 144-unit property features one- and two-bedroom apartments and townhomes ranging from 711 to 1263 square feet. Common amenities include two pools, a spa, clubhouse, fitness center, barbecue grills and picnic area.<\/p>\n

Pathfinder plans to give the property a $1.6 million makeover. Highlights will include a new clubhouse\/gym, landscaping, a dog park and new exterior paint. Some units will get new flooring, cabinetry, countertops, finishes, fixtures, appliances and fresh paint. Additionally, Pathfinder will rename the property and install new signage.<\/p>\n

Other recent Pathfinder acquisitions in the Phoenix area include:<\/p>\n

– Academy Apartments, a 96-unit, four-building community near the city\u2019s central business district
\n– Dorsey Place, 84 units in a 90-unit new condominium project in Tempe, in partnership with San Diego-based Stratford Partners
\n– Dobson Springs Apartments, a 120-unit complex in Mesa, an REO acquisition in partnership with Arizona- and British Columbia-based Bruckal Properties and its affiliate New Summit Partners
\n-Barolo Place, a high-end townhome project at 10757 North 74th St. in Scottsdale. Pathfinder acquired the remaining 16 units in the 65-unit community. (Pathfinder<\/em>)<\/p>\n

Photo: Fountainhead Corporate Park<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In a $73 million deal, an affiliate of Phoenix-based JDM Partners L.L.C. has acquired State Farm Mutual Automobile Insurance Co.’s operations center in Tempe.<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1601],"tags":[],"class_list":["post-1004076828","post","type-post","status-publish","format-standard","hentry","category-latest","category-phoenix"],"acf":[],"yoast_head":"\nJDM Partners Buys State Farm\u2019s Tempe Operations Center for $73M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jdm-partners-buys-state-farms-tempe-operations-center-for-73m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JDM Partners Buys State Farm\u2019s Tempe Operations Center for $73M\" \/>\n<meta property=\"og:description\" content=\"In a $73 million deal, an affiliate of Phoenix-based JDM Partners L.L.C. has acquired State Farm Mutual Automobile Insurance Co.’s operations center in Tempe.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jdm-partners-buys-state-farms-tempe-operations-center-for-73m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-06-10T04:10:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-04T18:10:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/06\/Fountainhead-Corporate-Park-Tempe-Arizona.jpg\" \/>\n<meta name=\"author\" content=\"Amalia Otet\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jdm-partners-buys-state-farms-tempe-operations-center-for-73m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jdm-partners-buys-state-farms-tempe-operations-center-for-73m\/\",\"name\":\"JDM Partners Buys State Farm\u2019s Tempe Operations Center for $73M - 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