CBRE completed the $73M sale of the State Farm Tempe Operations Center, a ±372,408 SF, 5-building corporate campus.
Barry Gabel, Mindy Korth and Chris Marchildon of CBRE’s Phoenix office represented the seller, State Farm Mutual Automobile Insurance Company headquartered in Bloomington, Ill.
The buyer was JDM II TOC, LLC of Phoenix. The campus is 100% occupied by State Farm Insurance.
“We received a great deal of interest from both local and national investors looking for an opportunity to acquire a long term lease with a strong credit tenant in one of the most coveted and best-performing markets in the greater Phoenix area and are pleased to have connected with JDM Partners,” Gabel said.
JDM and its principals, Jerry Colangelo, David Eaton and Mel Shultz, are active investors in local and regional commercial real estate, hospitality, master plan communities and sports and entertainment properties.
“We are proud to enter into this new relationship with State Farm, and to continue our involvement in this thriving Tempe commercial marketplace,” Shultz said. “Our company has over 30 years of history of development and ownership in this business district including over 5+ MSF at the Cotton Center, Eaton Freeway Business Park, 40th Street Business Park and University Center—all within miles of the State Farm property.”
Built in 1999, the State Farm Tempe Operations Center is situated on ±20.95 acres at 2700-2925 S. Sunland Dr. and 2980 S. Priest Dr., within the master-planned Fountainhead Corporate Park.
The campus is comprised of four Class A office buildings, one inspection and storage facility, along with two above-grade parking structures. 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.