CBRE arranged the sale of Elliot Corporate Center located at 875 W. Elliot Road in Tempe, Ariz. The 223,392 square-foot office building commanded a sale price of $23.5 million, or $105.20 per square-foot.
Jim Fijan and Will Mast with CBRE’s Phoenix office represented the seller, tenants-in-common owners through Costa Mesa, Calif.-based Thompson National Properties LLC . The purchase was a joint venture between Everest Holdings in Scottsdale, Ariz. and Walton Street Capital in Chicago, Ill.
“This transaction is another example of the continued demand for office investment properties in the southeast Valley,” said Fijan. “Savvy investors recognize the continued strengthening of the market and well-located, well-taken-care of assets, like Elliot Corporate Center, are going to be well received.”
Anchored by The Apollo Group, Inc.’s The University of Phoenix, which occupies 162,069 square feet, the two-story Elliot Corporate Center was 87% at the time of sale. The project also houses Lamson Business College in 32,400 square feet. The remaining vacant space totals 29,923 square feet and is available for lease.
Built in 1998, Elliot Corporate Center benefits from immediate access to I-10 at Elliot Road as well as access to a densely-populated, large and well educated workforce in south Tempe and the extended southeast Valley.
